AIG Hawaii hangs in the balance - Hawaii News Now - KGMB and KHNL

AIG Hawaii hangs in the balance

Leo Pascua Leo Pascua
Robin Campaniano Robin Campaniano

By Duane Shimogawa - bio | email

HONOLULU (KHNL) - One company at the center of the financial storm is AIG. Its Hawaii company may now be sold off in an effort to help pay down an emergency $85-billion loan made to the company by the federal reserve last month.

AIG Hawaii is the third-largest auto insurer in the state, and has more than 300 employees statewide.

The company's president and chief executive officer says despite all the talk of a sale, it's business as usual.

Leo Pascua has two cars insured by a-i-g, including this van. today he got an estimate because he got into a small accident just after he heard the news about the company he's been with for about five years.

"The first thing I thought about was, well, what's going to happen now? Then I thought, well, let's just see what AIG has to say about it, maybe they'll be getting in touch with us and giving us advice from there," Pascua said.

AIG Hawaii president and CEO Robin Campaniano says customers like Pascua should expect no real changes.

"Sooner or later, we're going to find out what happens to us," Campaniano said. "We're either going to be part of a stronger AIG or we're going to be apart of some other company that wants to use our tremendous brand and our great success."

Campaniano says it's still too early to tell if AIG is to be sold. The parent company could payoff its loan by selling other businesses around the country.

"If it really comes down to it, what changes would we have to make, well it's just car insurance so there are other places we can go, but it's not like it's impossible to do so, but having to find another place other than AIG would've been an inconvenience, but it wouldn't have been impossible," Pascua said.

So for now, AIG customers can rest assured their auto insurance provider is here to stay.

If AIG Hawaii is sold, the deal must get approval from the state insurance commissioner. Any buyer must prove they're financially capable of buying the company.

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