AIG’s Hancock Says Chartis to Recalibrate From Focus on Growth

American International Group Inc. (AIG), 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.”

To contact the reporter on this story: Zachary Tracer in New York at Ztracer1@bloomberg.net

To contact the editor responsible for this story: Dan Kraut at dkraut2@bloomberg.net

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