September 21, 2005 |
American International Group, one of the world's largest insurers, said Tuesday that it expected $1.1 billion in after-tax losses for the third quarter, mainly because of claims from Hurricane Katrina. The estimate from the New York-based firm is among the highest released so far by global insurance and reinsurance firms. Risk assessment firms have estimated that Katrina -- which hit Louisiana, Alabama and Mississippi on Aug. 29 -- could result in insurance claims of $40 billion to $60 billion.
August 5, 2005 |
Lawyers for former American International Group Inc. Chief Executive Maurice "Hank" Greenberg have questioned a decision to cut $2.26 billion from the insurer's net worth and said PricewaterhouseCoopers' role in the insurer's accounting woes should be examined.
July 6, 2005 |
Insurance giant American International Group Inc., under fire for alleged improper accounting, named former Securities and Exchange Commission Chairman Arthur Levitt as a special advisor to its board Tuesday. Levitt, 74, will help AIG choose new board members and advise it on structure and governance issues, the company said in a statement.
July 5, 2005 |
Maurice "Hank" Greenberg, the ousted chief executive of American International Group Inc., may be willing to negotiate with New York Atty. Gen. Eliot Spitzer to settle a fraud lawsuit, one of Greenberg's lawyers said. "If a reasonable resolution could be reached without litigation, that's obviously in everybody's interest," attorney David Boies said in an interview Friday. "I think there will be some serious settlement discussions."
June 29, 2005 |
Maurice "Hank" Greenberg, American International Group Inc.'s former chief executive, will reverse a transaction that transferred his fortune in AIG shares to his wife days before accounting probes forced him to resign, his lawyers said Tuesday. Greenberg and his wife, Corinne, will both own the 41.1 million shares after the transfer is canceled. The transfer, valued at $2.
June 13, 2005 |
Besieged financial services giant American International Group Inc. repeatedly has sought to derail an effort by the Pentagon that could save taxpayers millions of dollars on reconstruction work in war zones like Afghanistan and Iraq. For more than a year, AIG and industry allies have fought an initiative to cut the rates for workers' compensation insurance that U.S. contractors operating overseas are required to carry, according to interviews and documents obtained by the Los Angeles Times.
June 11, 2005 |
A second former top executive at Berkshire Hathaway Inc.'s General Re insurance unit pleaded guilty Friday to conspiring to file false financial reports as part of a phony transaction designed to burnish the books of American International Group Inc., his company's top customer. Richard Napier, 53, a senior vice president at Gen Re in 2000 and 2001 when the sham transaction occurred, pleaded guilty Friday to a single criminal conspiracy count in U.S. District Court in Alexandria, Va.
June 9, 2005 |
Maurice "Hank" Greenberg resigned late Wednesday from the board of American International Group Inc., the insurance company he led as chief executive for nearly 40 years. Greenberg's resignation was effective immediately, AIG spokesman Chris Winans said. Greenberg resigned in a short letter faxed to the board, the Wall Street Journal reported on its website.