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DealZone

Behind the deals and deal-makers

March 20th, 2008

Hank Greenberg: “I don’t have immortality”

Posted by: Lilla Zuill
Tags: DealZone

greenberg.jpgThree years after his ouster from American International Group – a company that he built into the world’s largest insurer over a nearly four-decade tenure, Maurice “Hank” Greenberg is still traveling the world looking for deals.

Does the octogenarian billionaire see himself slowing down – or putting his business concerns in someone else’s care any time soon?

“I suppose eventually it will be handed off to somebody else,” he said in an interview with Reuters last Thursday. “Everybody I’m speaking to today, including you,  will be doing something else in the next number of years, obviously ….I don’t have immortality.”

In the meantime, Greenberg, who will turn 84 later this year, credits temperance for his ability to keep up a hectic business schedule.

“I have lived a very clean life, I exercise a great deal, and I love what I am doing.”

Greenberg, who now devotes his time to running two firms that were once closely aligned with AIG – Starr International Co., a closely-held investment firm and C.V. Starr & Co., an insurance agency – said recent business trips have included Hong Kong and Moscow.

Among recent deals, Greenberg’s Starr International and a consortium of investors inked a $900 million Russian commercial real estate deal.

Greenberg said he sees more deals in Russia, and elsewhere where “opportunities arise,” with a particular focus on Asia. Starr International has about $20 billion in assets, and remains a a large AIG shareholder.

Greenberg parted ways with AIG in 2005 amid an accounting scandal, after then-New York Attorney General Eliot Spitzer accused the insurer of improperly keeping the books, and threatened to indict the company if Greenberg remained in charge.

Speaking with Reuters a day after Spitzer resigned as New York Governor amid a sex scandal, Greenberg made this brief comment: “I think I would say no comment on what occurred with respect to Governor Spitzer, but I do feel sorry for his family.”

Photo credit: Maurice Greenberg meets with Vladimir Putin, former president of Russia, in this 2003 Reuters photo.

One comment so far

dont know if it reached anybody but it appears a perfect replacement would be vince tizzio as mr. greenberg maintained a strong relationship to his father and vince has a proven track record at aig in the small business unit

nobody could have accompliswhed what he did in growing his unit and would probably be a perfect successor

- Posted by david rosen

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