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American International Group Inc

BUSINESS
September 28, 2007 | From Bloomberg News
American International Group Inc. acquired Woodland Hills-based 21st Century Insurance Group on Thursday and said it would eliminate 600 jobs in combining its auto unit with 21st Century. Call center staff, claims handlers and administrative workers are among employees from the two companies who will lose their jobs as a result of the transaction, said Chris Winans, spokesman for New York-based AIG, the world's largest insurer.
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BUSINESS
August 9, 2007 | From Reuters
American International Group Inc. reported a 34% jump in second-quarter profit Wednesday despite a $78-million operating loss in its mortgage insurance unit caused by weakness in the U.S. housing market. The New York-based company, the world's largest insurer, sought to calm investors' nerves about its exposure to the home mortgage market, but some analysts remained concerned. "We continue to be very comfortable with our exposure to the U.S.
BUSINESS
May 10, 2007 | From Times Staff and Wire Reports
Insurance giant American International Group Inc. agreed to buy San Francisco-based MTC Holdings and its 32 seaport terminals. The deal includes facilities at the ports of Los Angeles and Long Beach. Terms weren't disclosed. MTC Holdings, one of the nation's largest independent terminal operators, will continue to manage the facilities, which are expected to handle about 8 million containers this year. In December, AIG agreed to buy the leases to Dubai Port World's terminals in Newark, N.J.
BUSINESS
January 26, 2007 | From Bloomberg News
Shares of 21st Century Insurance Group, the car insurer majority-owned by American International Group Inc., surged 26% on Thursday as investors bet that AIG would have to raise its $690-million offer for the rest of the company. The stock climbed $4.34 to $20.93, higher than AIG's offer of $19.75 a share. The world's largest insurer already owns 61.9% of the Woodland Hills-based company. Shares of AIG fell 99 cents to $68.89, their biggest drop since August.
BUSINESS
January 25, 2007 | From Bloomberg News
American International Group Inc. offered $690 million in cash for the shares of auto insurer 21st Century Insurance Group it doesn't already own. AIG proposed $19.75 a share, a 19% premium over Woodland Hills-based 21st Century's closing price, the New York-based company said. AIG already owns 61.9% of the outstanding shares.
BUSINESS
October 3, 2006 | From Bloomberg News
Former American International Group Inc. Chief Executive Maurice "Hank" Greenberg won the right to see attorney memos that were turned over to New York Atty. Gen. Eliot Spitzer before the state accused him of fraud. Charles Ramos, a judge in New York state's trial court, said Greenberg was entitled to some memos drafted by lawyers working for AIG that were later used in a report that Spitzer used as part of his settlement with AIG.
CALIFORNIA | LOCAL
April 10, 2006 | Joel Rubin, Times Staff Writer
The Los Angeles Board of Education is locked in a high-stakes legal battle over a $100-million insurance policy it bought to cover the rising costs of cleaning school construction sites contaminated with toxic substances.
BUSINESS
April 6, 2006 | From Dow Jones/Associated Press
The NASD fined a unit of American International Group Inc. more than $1.1 million Wednesday for alleged directed brokerage violations. The NASD, formerly the National Assn. of Securities Dealers, said that from January 2002 through September 2003, American General Securities Inc. operated a "shelf space," or revenue sharing, program in which participating mutual fund companies paid a fee in return for preferential treatment.
BUSINESS
February 17, 2006 | From Bloomberg News
A judge limited a $1-billion lawsuit against executives of American International Group Inc., the world's largest insurer, to three defendants, including former Chief Executive Maurice "Hank" Greenberg. Delaware Chancery Court Judge Leo Strine Jr. dismissed 10 outside directors from the suit, filed by shareholders led by the Teachers Retirement System of Louisiana. The suit challenges fees paid by New York-based AIG to C.V. Starr & Co., a private insurance firm controlled by Greenberg.
BUSINESS
February 10, 2006 | From Reuters
American International Group Inc., the world's largest insurer by market value, agreed Thursday to pay $1.64 billion to settle federal and state charges of fraud, bid rigging and improper accounting. The widely anticipated agreement ends a long-running investigation of the company by New York Atty. Gen. Eliot Spitzer and New York Insurance Supt. Howard Mills, along with federal authorities led by the Securities and Exchange Commission.
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