September 18, 2008 |
Bargain hunters could snag some good deals by buying parts of troubled American International Group Inc.'s profitable subsidiaries in California and around the world, market analysts predicted Wednesday. Top-earning units that could be up for grabs in the state include 21st Century Insurance Co. of Woodland Hills, the state's seventh-largest automobile insurer, and International Lease Finance Corp. of Century City, which owns more than 950 commercial airliners. AIG also is the No.
May 9, 2008 |
American International Group Inc., the world's largest insurer, posted its largest quarterly loss Thursday and said it would raise $12.5 billion to strengthen its balance sheet. The result marked the second consecutive quarter AIG posted record losses, hurt by a write-down of derivatives stemming in part from bad mortgage investments. AIG said the first-quarter loss was $7.81 billion, or $3.09 a share, compared with net income of $4.13 billion, or $1.58, a year earlier. Included in AIG's red ink was a $9.11-billion charge for unrealized market valuation losses on credit swaps.
February 29, 2008 |
American International Group Inc., the largest U.S. insurer, lost more than $5 billion in the fourth quarter as bad credit ate into its investments, the company said Thursday. AIG has been thrust to the forefront of the credit crisis that is gripping financial markets because of contracts known as credit default swaps. These swaps pledge to cover missed payments on $579 billion in debt. AIG's swap portfolio lost $11.
September 28, 2007 |
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.
August 9, 2007 |
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.
May 10, 2007 |
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.
January 26, 2007 |
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.
January 25, 2007 |
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.
October 3, 2006 |
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 |
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.