30 May 2005 08:13 AM

Presentation of evidence by New York Attorney General Eliot Spitzer to a New York grand jury may lead to indictments at the world’s No.1 insurer American International Group Inc., according to Bloomberg.

27 May 2005 06:06 AM

New York Attorney General Eliot Spitzer and Insurance Superintendent Howard Mills jointly filed a civil lawsuit against American International Group Inc., the world’s largest insurer, on charges of fraud and manipulating its accounting. The regulators accuse AIG of fraudulent business transactions that aimed at raising the value of the

17 May 2005 11:39 AM

The world’s biggest buyout firm Kohlberg Kravis Roberts & Co. is expected to bid for a $2.43 billion stake in Samsung Life Insurance Co., the largest insurer for South Korea, according to some analysts.

16 May 2005 08:01 AM

Joseph H. Umansky, AIG’s senior vice president and president of A.I.G. Reinsurance Advisers, has agreed to cooperate with New York State Attorney General Eliot Spitzer in the investigation concerning AIG’ questionable accounting practices and the role played in objectionable deals by the insurer’ former chief executive and chairman

11 May 2005 05:26 PM

The New York State Insurance Department intends to revamp accounting rules for reinsurance deals that transfer little risk to the reinsurer. A "discussion draft" with the proposed changes was presented to a group of accounting professionals at the National Association of Insurance Commissioners in Chicago yesterday. At

10 May 2005 07:50 AM

The sale of stakes in China’s second-largest insurer Ping An Insurance (Group) Co. Will yield $1 billion in profits for Goldman Sachs Group Inc. and Morgan Stanley as they are about to sell a 9.91% stake for $1.04 billion to HSBC Holdings Inc. In 1994 the securities firms paid $35 million each for the stock. This is the single largest profit in China from a private-equity investment.

04 May 2005 09:07 AM

AIG’s accounting irregularities were orchestrated by its two top executives, former Chief Executive Maurice "Hank" Greenberg and former chief financial officer Howard Smith, internal review has shown, says the Wall Street Journal. In a

04 May 2005 06:53 AM

Marsh & McLennan reported on Tuesday that its first-quarter profit fell 70%. Profit tumbled to $134 million, or 25 cents per share, from $446 million, or 83 cents per share, last year. Excluding

02 May 2005 04:40 AM

American International Group Inc., the world’s largest insurer in terms of market capitalization, on Sunday said that its restatement of financial reporting will lead to a reduction of $2.7 billion, or 3.3%, in the net worth of the company. The restatements will cover the period from 2000 to 2003 and the quarters ended March 31, June 30 and September 30 in 2004.

29 Apr 2005 07:48 AM

The world’s No.1 insurer American International Group Inc. will postpone its financial report for 2004 once again in the process of reviewing accounting errors with the higher possibility for the company to see its net worth cut by about $1.7 billion it previously estimated.

27 Apr 2005 07:33 AM

The New York Attorney General Eliot Spitzer and New York’s insurance superintendent, Howard Mills, announced that they will look into the way AIG booked its workers’ compensation premiums to see whether accounting for them as general liability was legitimate. The regulators promised to appoint an outside consultant for the audit of AIG’s books. In

26 Apr 2005 10:54 AM

The internal report by lawyers for American International Group Inc. about the insurer’s accounting raises questions about the lack of control in the company. The report doesn’t contain straightforward accusations but signifies that the management ran the company without implementing internal controls.

25 Apr 2005 09:43 AM

The world’s top insurer AIG may have misled the federal regulators leading to the adjustment for the insurance company that may be gradually go up topping the estimate of $1.77 billion reduction of book value unveiled last month, according to a report issued by the lawyers.

20 Apr 2005 08:17 AM

Italian insurer Assicurazioni Generali SpA appeared one step ahead of the world’s largest insurer American International Group extending its business in China, the fastest-growing economy over the globe with huge potential.

18 Apr 2005 10:45 AM

A senior executive fired last month by American International Group Inc. for refusal to cooperate with state and federal probes into the big insurer’s accounting misled state insurance regulators earlier this year, according to people familiar with the matter.