Activist investor Carl Icahn, whos pushing AIG CEO Peter Hancock to shrink the insurer and boost returns, said the CEOs presentation next week on his vision must offer a drastic strategic shift.

Willis Group Holdings Plc advanced in New York trading after it was named to join the Standard & Poors 500 Index.

AIG, the insurer pressured by activist investor Carl Icahn to boost returns, announced a plan to repurchase another $3 billion of shares.

Greenlight Capital Re Ltd., the reinsurer whose chairman is hedge-fund manager David Einhorn, erased gains from its 2007 initial public offering price after losses from investments and underwriting.

AIG has been scaling back its investment in the Chinese insurer recently after agreeing in 2003 to take a 9.9% stake.

Alleghany Corp. will pay $400 million to wind down reinsurance deals with AIG and Berkshire Hathaway Inc. for policies that date back decades.

Billionaire investor Carl Icahn said he may seek to shake up leadership at AIG after CEO Peter Hancock rebuffed his plan to split the insurer into three companies.

AIG CEO Peter Hancock dismissed activist investor Carl Icahns proposal to split the company into three insurers, saying a division would limit earnings diversity and reduce the value of some tax assets.