American International Group just surrendered months of gains, shedding nearly 10% in a bloodbath week after a surprise "reserve strengthening" announcement. Investors are fleeing as fears mount that the insurer’s underwriting models are fundamentally broken and "structural damage" has been done. In this episode of Implied, we break down the critical "Combined Ratio" miss, why the market is having 2008 flashbacks, and the risk of "cockroach theory." Is this a rare chance to buy a blue-chip at book value, or is the bleeding just getting started? Dive in to find out why you shouldn't catch this falling knife just yet.