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Monday April 18, 10:45
AIG’s reinsurance senior executive is alleged of giving misleading statement
(by Brigitta Zulfitzler)

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AIG’s reinsurance senior executive is alleged of giving misleading statement 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.

Christian Milton, AIG’s reinsurance senior executive before his removal, is alleged if giving information that underestated AIG’s debts to at least one offshore reinsurer, the New York State Insurance Department’s officials said.

Reached Friday, Mr. Milton’s attorney said he wasn’t aware of the allegation.

Among other issues, the authorities are investigating whether AIG used reinsurance deals with such prominent companies as Richmond Insurance Co. of Bermuda and Union Excess Reinsurance Co. of Barbados to shift losses and claims responsibility off its financial statements.

Mr. Milton’s misleading statements to the insurance regulators had been revealed before AIG’s Feb. 14 disclosure that it had received subpoenas from New York state regulators and the Securities and Exchange Commission about its accounting.

Mr. Milton was fired last month after he refused to cooperate with state investigators.

Mr. Milton’s attorney declined to comment on the call.
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11 May 2005 05:26 PM Insurance regulator reveals plan to revamp reinsurance accounting
04 May 2005 09:07 AM AIG accounting tricks directed by Greenberg and Smith
 


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