The insurance industry has seen more than $5 billion of gains erased on state and local bonds after Donald Trumps victory in the presidential race, with AIG and Travelers among the hardest-hit companies.

The number of AIG employees fell by 15 percent to 56,400 as of Dec. 31, New York-based AIG said yesterday in a regulatory filing.

American International Group Inc., the insurer thats been divesting assets to narrow its focus, agreed to sell ski operations at Vermonts Stowe Mountain to Vail Resorts Inc.

AIG posted its fourth loss in six quarters.

Greenberg has spent years faulting regulators, his successors and others for the decline of AIG.

Maurice 'Hank' Greenberg admitted to participating and approving two fraudulent reinsurance deals as part of a settlement over a decade-old fraud lawsuit

Fourth-quarter investment income improved and the company recorded a gain tied to the settlement of a risk-sharing dispute.

The reinsurance deal transfers liabilities on certain U.S. policies from 2015 and earlier. The coverage involves so-called long-tail policies, in which claims can emerge years after a policy is issued.