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AIG Admits Improper Accounting On Gen Re Deal Additional bookkeeping problems could cost carrier up to $1.66 billion

American International Group, under intense regulatory scrutiny, made a startling admission last week that its ongoing internal review had unearthed “improper” finite reinsurance accounting with General Re and other problems in its bookkeeping methods, with possible adjustments adding up to a book-value loss of $1.66 billion.

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