AIG Posts Huge Q4 Profit on Tax Benefit; Chartis Reports $348M Income
Bailed-out insurer American International Group reported a $19.8 billion profit for the fourth quarter, after an accounting change that allowed the company to record an enormous one-time benefit. The...
View ArticleChartis No Longer Writing Excess Workers’ Comp as Stand-Alone Product
American International Group disclosed in its annual report that Chartis management decided last year to cease writing excess workers’ compensation business as a stand-alone product — as “part of its...
View ArticleU.S. to Sell $6 Billion in AIG Stock; AIG to Pay More to Taxpayers
The U.S. Treasury Department said on Wednesday it will sell $6 billion worth of American International Group stock and struck another deal for the insurer to pay down $8.5 billion more in obligations,...
View ArticleMass. Senate Candidate Warren Continues to Condemn AIG’s Tax Break
U.S. Senate candidate Elizabeth Warren from Massachusetts continues to criticize the government for granting American International Group billions of dollars worth of tax breaks, calling it “a stealth...
View ArticleAIG May Take Airplane Leasing Unit Public in Q2: CNBC
Bailed-out insurer AIG is considering launching the initial public offering of airplane leasing business International Lease Finance in the second quarter, CNBC reported on Wednesday, citing people...
View ArticleAIG Adopts FASB Accounting Update, Revises Up 2010-11 Income by $5.1B
American International Group Inc. said Thursday it revised up net income from 2010 and 2011 by a combined $5.096 billion after adopting an updated industry accounting standard from the Financial...
View ArticleAIG Alleges Ex-Air Lease CEO, Employees Stole Trade Secrets
American International Group Inc. has sued the co-founder and former chief executive of its aircraft-leasing unit, Steven Udvar-Hazy, accusing him and other former employees of stealing several...
View ArticleAIG Q1 Profit More Than Doubles to $3.21 Billion
American International Group Inc. reported $3.21 billion net income for its 2012 first quarter, a 147 percent increase from $1.30 billion net income posted during the same period one year ago. The...
View ArticleGoldman Sachs Upgrades AIG Stock to ‘Buy,’ Sees Progress at Chartis
The Goldman Sachs Group, a global investment banking and securities firm, is bullish on American International Group Inc. In a new equity research report released Wednesday, Goldman Sachs upgraded the...
View ArticleAIG Board Director Layton to Resign, Will Take CEO Role at Freddie Mac
American International Group Inc. said that board director Donald Layton has submitted his resignation from the board, due to his appointment as chief executive officer of Freddie Mac. The resignation...
View ArticleAIG to Pay Penn. $16.8M to Settle Probe Over WC Premium Reporting
Pennsylvania Insurance Commissioner Michael Consedine announced Thursday that American International Group and its workers comp insurance units will pay Pennsylvania more than $16.8 million in fines...
View ArticleAIG’s Benmosche Says Chartis May Readopt AIG Brand as Insurer Rebounds
Here is another sign that American International Group executives may be feeling bullish about the company’s future prospects — CEO Robert Benmosche said this week that Chartis may readopt the AIG...
View ArticleMississippi to Receive Nearly $1M in AIG Settlement
Mississippi’s insurance commissioner says the state will receive nearly $1 million as part of a national settlement over American International Group’s financial reporting for worker’s compensation...
View ArticleMaryland Collects $2M Fine From AIG Workers’ Comp Dispute Settlement
The Maryland Insurance Administration said Thursday that regulators collected $2,022,805 in penalties from American International Group as part of a multi-state settlement.The agreement was reached...
View ArticleConnecticut Receives $1M in Multi-State AIG Workers’ Comp Settlement
Connecticut Insurance Commissioner Thomas Leonardi announced Monday that the state has received just over $1 million in fines and penalties from American International Group Inc. as part of a...
View ArticleWhite Mountains to Acquire 2 Runoff Subsidiaries From AIG Division
White Mountains Solutions Holding Co., a specialist runoff acquisition operation for White Mountains Insurance Group Ltd., is continuing its acquisition activities. White Mountains Solutions said it...
View ArticleAIG Files Lawsuit Against IRS Seeking $30.2M in Tax Interest
American International Group, the insurance giant saved by a massive federal bailout, wants some tax money back — from 1991. AIG is suing the Internal Revenue Service (IRS) in Federal Claims Court in...
View ArticleAIG Launches PR Push on YouTube to Repair Image
AIG is launching a public relations campaign to repair its reputation. Last Thursday, the once-mighty insurance giant American International Group posted several videos on YouTube, www.youtube.com/aig...
View ArticleNew York Fed Sells Last of Its AIG Assets, Ending Ties with Insurer
The Federal Reserve Bank of New York brought to a close another chapter in the government’s taxpayer-funded bailouts of 2008 with the sale of its remaining assets of insurer American International...
View ArticleAIG Targeted as Likely ‘Systemically Important’ Financial Firm
Insurance giant American International Group Inc. said that it has received a notice from the Financial Stability Oversight Council (FSOC) that it is under consideration as a “systemically important...
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