UPDATE 1-AIG names ex-Pru CEO Tucker AIA boss, revives AIA IPO

* Mark Wilson outsted in sudden change

* AIG to launch AIA IPO as soon as possible

(Adds details, background)

HONG KONG, July 19 (BestGrowthStock) – Bailed-out insurer American
International Group Inc (AIG) (AIG.N: ) named former Prudential plc
(PRU.L: ) Chief Executive Mark Tucker as head of its Asia life
insurance business, AIA, replacing existing boss Mark Wilson.

AIG said in a statement on Monday that it would also seek to
list American International Assurance Co Ltd (AIA) on the Hong
Kong stock exchange, subject to regulatory approvals and market
conditions.

AIG gave no explanation for ousting Wilson, who was well
regarded within AIA.

“After reviewing various options to monetize AIA’s
substantial value, we have concluded that an IPO is our best
option,” Robert H. Benmosche, AIG Chief Executive Officer said in
a statement.

“Mark Tucker has the public company experience, track record,
relationships…that will help us accomplish our ambitious goals
of not just taking a company of AIA’s size and scope public, but
building on this great platform for the long term to create
Asia’s pre-eminent, publicly traded insurance company,” he added.

Wilson’s ouster also comes less than a week after AIG’s
Chairman Harvey Golub resigned over a disagreement with
Benmosche.

The move is the latest sign that Benmosche is asserting his
authority at AIG, which is nearly 80 percent-owned by the U.S.
government. The board room battle at AIG intensified after
British insurer Prudential’s plc (PRU.L: ) $35.5 billion bid for
AIA collapsed last month.

Wilson, who was instrumental in holding AIA together when AIG
was on the brink of collapse, had reportedly threatened to resign
if Prudential’s acquisition had gone ahead. That put him in odds
with the AIG management.

AIA is already functioning without a chief financial officer
and a chief legal counsel, and the company has installed a new
CEO just months before a massive IPO.

Bankers have previously told Reuters that AIA could raise
$15 billion through an IPO, which is expected before the end of
2010.
(Reporting by Denny Thomas; Editing by Jonathan Hopfner)

UPDATE 1-AIG names ex-Pru CEO Tucker AIA boss, revives AIA IPO