American International Group's use of affiliate reinsurance is "proper and properly accounted for in accordance with applicable statutory guidance," the company said in response to a critical New York Times front-page article, which also drew fire from state insurance regulators.
Indeed, representatives with the New York Insurance Department said the July 31 Times piece "came to the wrong conclusion at the end of the day."
Once again, it was a busy news week for AIG, announcing that Robert Benmosche, former chair and chief executive officer at Metropolitan Life, would replace Edward Liddy as CEO.
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