Following a successful strengthening of AIG’s property-casualty unit, the insurer said this week that it aims to split-off its life insurance arm. The announcement hearkened back to an activist campaign waged by Carl Icahn in 2015, who argued for a breakup. At the time, few activists had targeted a company the size of AIG, though nowadays, large cap campaigns are more common. Icahn sold his stake in AIG in 2018, after AIG promoted Brian Duperrault to CEO. However, Duperrault won’t be sticking around to see the separation as AIG also announced he’d be handing the CEO reins to his heir apparent, Peter Zaffino.
In other news, proxy advisor ISS issued a split decision this week, backing a contested rights issue by Unibail-Rodamco-Westfield, but supporting three dissidents aiming to be voted onto the mall group’s board.
Hedge fund Sian Capital is waging a campaign for change at Opko Health. The investor urged the diagnostic and pharmaceutical company to launch a strategic review and consider going private, Bloomberg reported. M&A activism, which took a breather during the proxy season’s pandemic lull, appears to be making a comeback.
Have a great weekend,