AIG Chief Undone by Lost Credibility, Frustrated Investors

Before he lost the confidence of big-name investors and his company’s board members, Peter Hancock squandered the faith of many of his staff. It was November 2015, after a disappointing quarter for American International Group Inc., and Hancock — then a year into his tenure as chief executive officer — told employees they shouldn’t count on lifetime jobs.

AIG Says CEO Hancock to Quit as Swelling Losses Hurt Icahn

Peter Hancock will resign as American International Group Inc.’s chief executive officer after the insurer suffered losses four of the past six quarters and faces pressure from activist investors including Carl Icahn and John Paulson. Hancock, 58, will remain CEO until a successor is named, the New York-based insurer said Thursday in a statement.

Greenberg Admits Aiding in Bogus AIG Deals, New York Says

Former American International Group Inc. Chief Executive Officer Maurice “Hank” Greenberg admitted to participating in and approving two fraudulent reinsurance deals as part of a settlement with New York’s attorney general, ending a contentious legal battle that has dragged out for almost a dozen years. The settlement, announced Friday, resolves a court fight in which Greenberg, 91, and his high-powered lawyer, David Boies, squared off against three successive state attorneys general.

AIG to Pay Berkshire $9.8 Billion in Insurance Transfer Deal

American International Group Inc. agreed to pay $9.8 billion to Warren Buffett’s Berkshire Hathaway Inc. to take on long-term risks from commercial policies written in prior years. The reinsurance deal covers 80 percent of the risks on certain U.S. policies from 2015 and earlier, representing reserves of about $34 billion as of Jan. 1, 2016, New York-based AIG said Friday in a statement.