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New York State Insurance Superintendent Eric Dinallo today announced Centerview Partners will advise the Insurance Department in connection with the Department’s involvement with AIG, and in particular will assist the Department, which regulates a number of the AIG insurance units, in assessing the terms of any potential sales of regulated entities.
“We are gratified that a firm of Centerview’s caliber is assisting us during this extraordinary process,” Dinallo said. “Because of the efficacy of state-based insurance regulation, AIG’s insurance subsidiaries are financially strong and will be a part of the solution as AIG works toward stability. It is critical to ensure policyholders’ interests are protected during this process. Centerview is superbly equipped to help us achieve this goal.”
Any significant transaction affecting an AIG insurance company, including any sale, will need approval from state regulators.
The National Association of Insurance Commissioners (NAIC) named Dinallo chair of the 50-state working group established to oversee AIG insurance interests and ensure that policyholders of the insurance subsidiaries remain protected. This oversight will continue as AIG operates under the credit facility offered by the Federal Reserve. Pennsylvania Insurance Commissioner Joel Ario is vice-chair of the working group.
Centerview Partners, based in New York, operates an investment banking advisory practice and a private equity business. The advisory business specializes in independent advice and other client services capitalizing on the experience of its principals. The firm provides senior-level counsel to both domestic and international clients. Members of the firm have experience in a range of industries including the consumer products, financial services, food and beverage, entertainment and media, general industrial and retail sectors.
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