The insurance giant is selling its HSB subsidiary for $742 million to Munich Re in its third unit sale this month. NEW YORK (CNNMoney.com) – As part of its plan to pay back a massive government bailout, American International Group Inc. is selling assets, with its most recent sale on Monday. New York-based AIG (AIG, […]

AIG names Peter Eastwood president and chief executive of its unit Lexington Insurance NEW YORK (AP) – Embattled insurer American International Group Inc. said Tuesday it named Peter Eastwood president and chief executive of a subsidiary, Lexington Insurance Co. Lexington Insurance is a unit of AIG’s commercial insurance business. Eastwood replaced Kevin Kelley, who left […]

American International Group, which has been bailed out by the US government, plans to remove AIG from the name of its US auto insurance unit, aigdirect.com, and rebrand it as 21st Century Insurance in January 2009. The auto unit also plans to cut 6.6% of its workforce. According to media reports, Nicholas Ashooh, a spokesman […]

Worried about AIG’s tumble? Here are some steps you can take After the Federal Treasury announced its $85 billion bail-out of American International Group last week, many consumers wondered if their insurance policies were safe. AIG requested the massive loan because of a cashflow crunch, due to bad investments in mortgage derivative products, which could […]