Key Developments: American International Group Inc (AIG.N)

AIG.N on New York Stock Exchange

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1 Aug 2013
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Latest Key Developments (Source: Significant Developments)

American International Group Inc Declares Quarterly Dividend
Thursday, 1 Aug 2013 04:18pm EDT 

American International Group Inc announced that it has declared a quarterly dividend of $0.10 per share on AIG common stock, par value $2.50 per share (AIG Common Stock). The dividend is payable on September 26, 2013, to stockholders of record at the close of business on September 12, 2013.  Full Article

American International Group Inc's ILFC Expands LEAP Engine Order For Total Of 60 Airbus A320neo Family Aircraft
Tuesday, 18 Jun 2013 08:00am EDT 

International Lease Finance Corporation (ILFC), a wholly owned subsidiary of American International Group Inc, announced that it has expanded its order for CFM International`s LEAP-1A engines to power an additional 20 Airbus A320neo Family aircraft, bringing the total of its LEAP-powered A320neo Family aircraft to 60. The aircraft are scheduled for delivery beginning in 2016. This newest engine order is valued at $260 million U.S. at list price.  Full Article

American International Group Inc's International Lease Finance Corporation Unveils Intention To Purchase 50 E-Jets E2 Aircraft From Embraer SA
Monday, 17 Jun 2013 07:13am EDT 

International Lease Finance Corporation (ILFC), a wholly owned subsidiary of American International Group Inc announced that it signed a letter of intent, subject to final agreement, for the purchase of 50 E-Jets E2 aircraft from Embraer SA, including 25 E190-E2 and 25 E195-E2. The deal also includes options for an additional 50 aircraft, and marks the introduction of the E-Jets Family to the Company’s diverse aircraft fleet. Deliveries of the new aircraft are expected to begin in January 2018 and complete in 2023.  Full Article

American International Group Inc Receives Delayed Deposit On Sale Of Airplane Leasing Unit-Reuters
Wednesday, 5 Jun 2013 10:35am EDT 

Reuters reported that American International Group Inc has received a delayed deposit payment from the Chinese consortium buying its ILFC airplane leasing business, AIG said in a regulatory filing on Jun 5, 2013.  Full Article

American International Group Inc Drops Lawsuit Versus New York Fed Related To Bailout-Reuters
Thursday, 30 May 2013 05:29am EDT 

Reuters reported that American International Group Inc has agreed to end litigation against the Federal Reserve Bank of New York over whether the insurer retained the right after its 2008 taxpayer-funded bailout to sue over losses on residential mortgage-backed securities. In a May 28 order made public on May 30th in U.S. District Court in Manhattan, AIG and Maiden Lane II, an entity created by the New York Fed in December 2008 to buy troubled mortgage debt from the insurer, agreed to dismiss their case without prejudice. At issue was whether AIG, as part of its since-repaid $182.3 billion federal bailout, had transferred $18 billion of litigation claims to Maiden Lane, preventing the New York-based insurer from recouping losses from banks. The dismissal follows a May 7 decision by U.S. District Judge Mariana Pfaelzer in Los Angeles that AIG did not assign $7.3 billion of those claims, which are part of a fraud lawsuit by the insurer against Bank of America Corp and its Countrywide unit.  Full Article

American International Group Inc Signs Joint Venture Agreement with PICC Life to Form an Agency Distribution Company in China
Wednesday, 29 May 2013 11:00pm EDT 

American International Group Inc, People's Insurance Company (Group) of China (PICC) and PICC Life Insurance Company Limited (PICC Life) announced that they have entered into a joint venture agreement to form an agency distribution company in China. In December 2012, AIG invested USD500 million as the largest cornerstone investor in the PICC initial public offering. In connection with this investment, PICC Life and AIG agreed to form this joint venture agency distribution company. Products under consideration to be distributed by the joint venture company include jointly developed life and retirement insurance products, existing PICC life products, PICC Property & Casualty (P&C) insurance products, AIG P&C products, as well as other products aimed at meeting the needs of this developing market. AIG will own 24.9% of the distribution company, with PICC Life holding the remaining 75.1%. Board seats as well as management assignments will be based upon share holdings. AIG and PICC Life plan to commence operations of the joint venture by the first quarter of 2014.  Full Article

American International Group Inc May Pursue Fraud Case Vs Bofa Over Countrywide-Reuters
Tuesday, 7 May 2013 03:13pm EDT 

Reuters reported that American International Group Inc may pursue a lawsuit accusing Bank of America Corp's Countrywide unit of causing billions of dollars of losses by fraudulently inducing it to buy risky residential mortgage-backed securities. U.S. District Judge Mariana Pfaelzer in Los Angeles on said AIG could pursue claims that Countrywide falsely represented in offering documents that it followed underwriting guidelines, as part of a company-wide culture of abandonment of underwriting standards and wholesale use of 'exceptions.  Full Article

American International Group Inc's United Guaranty Corp And Other Mortgage Insurers Settle With U.S. Regulator Over Alleged Kickbacks-Reuters
Thursday, 4 Apr 2013 02:55am EDT 

Reuters reported that four mortgage insurers settled claims from the U.S. consumer watchdog that they paid kickbacks to mortgage lenders in exchange for business. Genworth Financial unit Mortgage Insurance Corp, American International Group Inc's United Guaranty Corp, Radian Group Inc's Radian Guaranty Inc and Mgic Investment Corp's Mortgage Guaranty Insurance Corp agreed to pay $15 million to resolve the allegations, the Consumer Financial Protection Bureau said on Thursday.  Full Article

White Mountains Insurance Group Ltd's White Mountains Solutions Holding Company, Inc. Completes American International Group Inc's American Fuji Runoff Acquisition
Monday, 1 Apr 2013 04:30pm EDT 

White Mountains Solutions Holding Company, Inc. (White Mountains Solutions), a wholly owned subsidiary of White Mountains Insurance Group, Ltd. announced that it had completed the acquisition of American Fuji Fire and Marine Insurance Company, a small runoff subsidiary of American International Group following receipt of all regulatory approvals.  Full Article

American International Group Inc Announces Exclusive Distribution Relationship With HSBC in Turkey and France
Monday, 28 Jan 2013 11:50am EST 

American International Group Inc announced that it has entered into 10-year bancassurance agreements with HSBC Group companies under which AIG will become the exclusive provider of non-life insurance products to HSBC Group customers in Turkey and France, as well as in other countries in Continental Europe as may be agreed. AIG expects to pay a total consideration of approximately $55 million for the exclusive distribution access in Turkey and France, and expects to launch the partnerships in the first half of 2013.  Full Article

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AIG, Chinese group still in talks on $4.8 billion ILFC deal: sources

HONG KONG/NEW YORK - U.S. insurer American International Group Inc is still in talks about selling its aircraft leasing unit to a Chinese consortium after missing a July 31 deadline to close the $4.8 billion deal, sources said.

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