American International Group Inc. (AIG:US), the bailed-out insurer, is altering its strategy after focusing too much on expansion, said Peter Hancock, chief executive officer of Chartis, the company’s property-casualty unit.
“It’s a business that I’d say has been managed to growth over the last 30 years,” Hancock said of Chartis today at a conference sponsored by Sanford C. Bernstein & Co. in New York, the city where AIG is based. “That’s given us an edge but I think that at some point we oversaturated certain markets and so my direction to the team is very much to recalibrate our objectives from volume to value.”
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