(Reuters) – AIG’s former Chief Executive Hank Greenberg agreed to pay $15 million to settle government allegations that he had cooked the books to inflate the insurer’s earnings in the first half of this decade, the Securities and Exchange Commission said on Thursday. Howard Smith, American International Group Inc.’s former chief financial officer, also agreed […]

Washington consumers who hold policies with American International Group, or AIG, will not be affected by the conglomerate’s financial troubles, according to the state insurance commissioner “Many consumers have contacted my office concerned about their AIG insurance policies,” Insurance Commissioner Mike Kreidler said in a Tuesday statement. “I’ve assured them that AIG’s insurance companies have […]

The payments to 400 employees of the financial-services unit – some of whom no longer work at the insurer – were promised last year before the government bailout American International Group (AIG), the troubled US insurance giant which is received several lifelines from the Obama administration, is all set to shower US$450mn in bonuses to […]

The failure of the repeated bailouts of American International Group’s (AIG Quote – Cramer on AIG – Stock Picks) to quickly unwind itself and wean itself from taxpayer aid has fueled critics of the massive government intervention. Barry Ritholtz, director of research for Fusion IQ thinks that the state-regulated insurer that was profitable and had […]

(Bloomberg) – American International Group Inc., the insurer that may need a fourth bailout by the U.S. government, scrapped a separate sale of its Philippine life insurance unit and will make it part of its AIA group. “It was appropriate at this time to include the Philippine American Life and General Insurance Co. in the […]

(Bloomberg) – American International Group Inc., the insurer selling units to repay a government loan, may pull its U.S. auto unit from the market after Zurich Financial Services AG withdrew an offer, two people familiar with the matter said. The auction of 21st Century Insurance, which AIG expected to generate about $2 billion, stalled after […]

American International Group is in advanced talks to sell its U.S. auto insurance unit to Swiss insurer Zurich Financial Services AG, a source familiar with the matter said Tuesday. The auto insurance business is expected to fetch around $2 billion, the source said.

Caution! Not all insurance companies are the same when it comes to fixing your car! In a blind survey of 50 New Jersey auto repair facilities performed by USA/Direct, an independent research firm, Teachers’ Insurance Plan of NJ was shown to be superior to AIG/21st Century, Liberty Mutual, GEICO, and Progressive. The survey asked body […]

New York – based American International Group has announced an agreement to sell AIG Life Insurance Co. of Canada to BMO Financial Group. AIG Life of Canada, headquartered in Toronto, Canada, offers various insurance and wealth products, including universal life and term life insurance plans, critical illness plans, permanent plans and immediate annuities.

(AIG Commercial Insurance) – AIG Commercial Insurance will service all casualty insurance coverage for the public sector through its Lexington Insurance Co., the insurer announced. Specifically, effective as of Jan. 1, 2009, Lexington’s Casualty Division will manage the public entity commercial umbrella and excess casualty portfolio of AIG Specialty Excess, a division of AIG Excess […]