A federal grand jury is investigating products sold by insurer American International Group Inc. that companies might have used to make their earnings look better, the company said Thursday.
Meanwhile, insurance broker Marsh & McLennan Cos., so far the main focus of the growing regulatory scrutiny of insurance practices, got more bad news when Standard & Poor's cut its credit rating and said more cuts were possible. The cut probably will raise Marsh's borrowing costs.
New York-based AIG, the world's largest insurer by market value, said the Indiana jury probe centered on a contract with cellphone distributor Brightpoint Inc.
The U.S. Securities and Exchange Commission had accused AIG of helping Plainfield, Ind.-based Brightpoint fraudulently conceal losses with the policy. AIG settled with the agency last September for $10 million.