Acquisition to strengthen MphasiS’ domain-based solutions for the
Financial Services and Insurance Industries
MphasiS (MPHASIS) today announced that it has reached a definitive agreement to acquire AIG Systems Solutions Pvt. Ltd. (AIGSS), part of American International Group Inc. AIGSS is an India-based provider of information technology services and solutions to AIG companies worldwide. The transaction is subject [...]
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Direct Access: Business Wire India
American International Group, Inc. (AIG) today announced that it has closed the sale of its consumer finance operations in Mexico, consisting of AIG Universal, S.A. de C.V., SOFOM E.N.R. and Markcenter Services, S. de R.L. de C.V, to Desarrollo de Negocios Integrados, S.A. de C.V. and Inversiones DNI, S.A. de C.V., companies related to Afirme [...]
Kimberly Hanna Named Executive Vice President and Chief Operating Officer of AIG Environmental
AIG has named Russell Johnston President and Chief Executive Officer of AIG Environmental, a unit of AIG Commercial Insurance and the nation’s leading Pollution Liability insurance provider. Mr. Johnston assumes management responsibility for AIG Environmental from Joseph Boren, who has left the [...]
FOX Business Network (FBN) has filed a lawsuit against the United States Treasury Department over failure to provide information on the bailout funds or respond to FBN’s expedited requests filed under the Freedom of Information Act (FOIA).
The initial request, filed on November 25, sought actual data on the use of the bailout funds for [...]
Entity Designed to Mitigate AIG’s Liquidity Issues from Credit Default Swaps; $46.1 Billion Notional Amount of CDS Terminated to Date
American International Group, Inc. (AIG) today announced that a financing entity recently created by the Federal Reserve Bank of New York (FRBNY) and designed to mitigate AIG’s liquidity issues in connection with its credit default [...]
American International Group, Inc. (AIG) announced today an agreement to sell AIG Private Bank Ltd. (AIG Private Bank), a wholly-owned subsidiary of AIG, to Aabar Investments PJSC (Aabar), a global investment company based in Abu Dhabi.
Under its new ownership, AIG Private Bank will become an independent financial institution, headquartered in Switzerland along with branches [...]
Action Will Return Pay Earned by Employees and Agents, Discourage Departures
American International Group, Inc. said today that it is terminating 14 voluntary deferred compensation programs involving 5,600 employees and independent agents and representatives. Approximately $500 million in earned but deferred pay will be distributed in the first quarter of 2009.
This deferred compensation is [...]
AIG has named Anthony J. DeSantis as President and Chief Executive Officer of its Personal Auto Group. The Personal Auto Group includes aigdirect.com, the direct personal lines automobile insurance operations of American International Group, Inc. (AIG), AIG Agency Auto, which provides personal lines insurance through a network of independent agencies and brokerages throughout the United [...]
Ongoing Business Expected To Have Significant Earnings Power
American International Group, Inc. (AIG) today indicated its intent to refocus the company on its core property and casualty insurance businesses, generate sufficient liquidity to repay the outstanding balance of its loan from the Federal Reserve Bank of New York and address its capital structure. AIG had [...]
AIG Signs Definitive Agreement with Federal Reserve Bank of New York for $85 Billion Credit Facility
American International Group, Inc. (AIG) today announced that it has signed a definitive agreement with the Federal Reserve Bank of New York for a two-year, $85 billion revolving credit facility. Interest will accrue at a rate based on 3-month LIBOR plus 8.50%. The facility provides for an initial gross commitment fee of 2% of the [...]
