AIG's Art Of The Deal
In addition to finding "improper" accounting in its finite reinsurance deal with Berkshire Hathaway's General Re, American International Group also discovered several other problems that might require adjustments in its books.
AIG said these irregularities, combined with the Gen Re deal, could knock off up to 2 percent from AIG's GAAP shareholders equity of $82.87 billion as of Dec. 31, 2004, representing a book-value loss of $1.657 billion. Among the deals being reviewed:
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
