C.V. Starr & Co., headed by former American International Group boss Maurice Greenberg, has offered to buy out the part of Starr held by current AIG executives, according to a securities filing.
The proposal reported in AIG's 8-K filing yesterday with the Securities and Exchange Commission also detailed a new compensation formula AIG has arranged for its key executives. The formula is a long-term bonus program for those executives.
The 8-K, however, was not clear about whether the C.V. Starr purchase was of its own stock or Starr International. An AIG spokesman said he could not provide additional information.
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