American International Group Inc

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  • Aug. 27, 2012, 6:22 AM
    State regulators are looking at changes that would force insurers such as AIG (AIG) and MetLife (MET) to increase by billions of dollars the amount that they would have to hold against the riskier mortgage bonds they've been acquiring lately. The National Association of Insurance Commissioners could implement the changes later this year in a move that could cool interest in the once-toxic assets.
    | Aug. 27, 2012, 6:22 AM
  • Aug. 23, 2012, 2:40 PM

    The FRBNY is done with its AIG involvement, selling the last of the MBS from its Maiden Lane III portfolio. The Fed's management of said portfolio resulted in a gain to the taxpayer of $6.6B. The combined profit from the 3 Maiden Lane portfolios sums to $17.7B. (PR)

    | Aug. 23, 2012, 2:40 PM | 9 Comments
  • Aug. 23, 2012, 5:12 AM

    The NY Fed is today planning to auction the last batch of CDOs from Maiden Lane III - a vehicle set up as part of the rescue of AIG (AIG) - with a sale of $3.4B worth of mortgage debt. AIG has so far received over $6B in proceeds from previous auctions and could get another $1.9B, which will help it buy back more shares from the Treasury.

    | Aug. 23, 2012, 5:12 AM
  • Aug. 20, 2012, 3:32 PM

    MetLife's (MET) retreat from the variable annuity business (joining Hartford, Genworth, and Sun Life) is leaving plenty of market share that Prudential (PRU) and AIG are happy to pick up. Overall industry sales of the products fell 4.9% Y/Y in Q2 as insurers - worried about the risk from these equity-linked products - cut benefits.

    | Aug. 20, 2012, 3:32 PM | 1 Comment
  • Aug. 14, 2012, 5:11 PM
    More on Dan Loeb's Third Point: The fund opened up a 5M share stake in Chesapeake Energy (CHK) in Q2. Other companies in which new stakes were taken: AIG - 2.25M shares. LINTA - 3.25M. NWSA - 4M. Companies in which Loeb liquidated his positions include ANF, CSCO, GOOG, and MCK. (13-F)
    | Aug. 14, 2012, 5:11 PM | 1 Comment
  • Aug. 13, 2012, 12:37 PM

    As if health and life insurers didn't have enough headaches, state insurance regulators are now applying pressure on them to pay out on old, sometimes forgotten policies on the lives of people who have long since died. Regulators estimate that life insurers have failed to pay well over $1B in death benefits because it is up to beneficiaries to file a claim following a death. Three insurers, MetLife (MET -0.7%), Prudential (PRU -0.5%) and the John Hancock unit of Manulife (MFC +1.9%) have reached settlements with a number of states already, and eight others are currently in the crosshairs.

    | Aug. 13, 2012, 12:37 PM | 1 Comment
  • Aug. 13, 2012, 5:59 AM

    It used to be that when somebody died, it was up to the relatives to claim the life insurance. Now, states are making insurers constantly check their client lists against a death database and find the beneficiaries. States reckon firms have failed to pay well over $1B over the decades and have settled or are in talks to settle with several of them, including MetLife (MET), Prudential (PRU), Manulife's (MFC) John Hancock and AIG.

    | Aug. 13, 2012, 5:59 AM
  • Aug. 8, 2012, 3:47 PM
    AIG announces the completion of Treasury's sale of 188.5M shares, with the insurer buying 98.4M (about $3B worth) of them. The offering leaves Treasury with 871.1M shares - roughly 53% of the company. (previous) (PR)
    | Aug. 8, 2012, 3:47 PM | 1 Comment
  • Aug. 7, 2012, 3:31 PM

    Springleaf Financial (jointly owned by FIG and AIG) issues its 3rd RMBS in a year, hoping to use the proceeds to stave off bankruptcy. The firm is just the 3rd to issue non-agency RMBS since the financial crisis, and has billions of mortgages on its balance sheet waiting for packaging if the machinery can get moving again.

    | Aug. 7, 2012, 3:31 PM
  • Aug. 6, 2012, 3:09 PM

    The lockup period following Treasury's sale of $5B of its AIG is 30 days - shorter than lockups after previous sales, suggesting a speedier rate of future divestment. Treasury has its own reasons (November) for selling, but once the stake gets below 50%, the Fed becomes AIG's chief regulator, with the say-so over any stock repurchases.

    | Aug. 6, 2012, 3:09 PM
  • Aug. 6, 2012, 2:46 PM
    AIG might be getting a good deal buying back shares from Treasury at less than book value, but the company remains in the insurance business, says Barlcays' Jay Gelb. On that score, AIG's performance lags that of its peers and this should ultimately be a drag on performance, he argues. Shares +2.9% in wake of Friday's sale.
    | Aug. 6, 2012, 2:46 PM | 6 Comments
  • Aug. 6, 2012, 10:49 AM

    The CFPB widens its probe of mortgage-insurance practices too include AIG and Genworth (GNW) in addition to PHH Corp. (PHH), according to recent filings. At issue is whether the companies violated the law by paying banks fees to win business.

    | Aug. 6, 2012, 10:49 AM | 1 Comment
  • Aug. 6, 2012, 7:52 AM
    AIG has more than doubled its exposure to U.K. government debt at the same time it cut its holdings of German and French sovereign paper. "The U.K. is doing the right things," says a fixed income PM. An investor receiving 1.51% on 10-year paper from one of recent history's more devaluation-prone countries better hope the right things continue.
    | Aug. 6, 2012, 7:52 AM
  • Aug. 3, 2012, 5:35 PM

    The Treasury increases its sale of AIG shares to $5B (about 163.9M shares priced at $30.50), and says the offering will cut its stake in the insurer to 55%. Shares -0.6% to $31.15 AH. (more on the upsizing; earlier)

    | Aug. 3, 2012, 5:35 PM | 1 Comment
  • Aug. 3, 2012, 3:19 PM
    AIG reopens for trade following the Treasury announcement to sell $4.5B of stock (and AIG to buy 2/3 of it). Up a little more than 1% ahead of the announcement, shares +0.5% now.
    | Aug. 3, 2012, 3:19 PM
  • Aug. 3, 2012, 2:55 PM

    More on AIG: At the current price ($31.16), the Treasury would be unloading about 144M shares, roughly about 14% of the 61% stake it holds in the company. With a book value of more than $60/share, AIG's repurchase of a $3B of the stake in the $30 area would seem a pretty good deal for its owners (shares remain halted).

    | Aug. 3, 2012, 2:55 PM | 1 Comment
Company Description
American International Group Inc is a holding company. The Company, through its subsidiaries, provides insurance and related services in the United States and abroad.