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

AIG.N on New York Stock Exchange

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Latest Key Developments (Source: Significant Developments)

American International Group Inc authorizes repurchase of additional shares of common stock
Wednesday, 16 Dec 2015 04:34pm EST 

American International Group Inc:Authorized the repurchase of additional shares of AIG Common Stock with an aggregate purchase price of up to $3.0 billion.  Full Article

American International Group, Inc new executive leadership team
Thursday, 10 Dec 2015 09:00am EST 

American International Group, Inc:Announces new executive leadership team.David Herzog will continue as Chief Financial Officer through the filing of aig's 2015 form 10-k.Sid Sankaran will continue as chief risk officer until he becomes chief financial officer.David Herzog, John Doyle, Jose Hernandez, and eric martinez will leave the company after a period of transition.  Full Article

American International Group, Inc Announces Pricing of the Sale of Ordinary H Shares of PICC Property and Casualty Company Limited
Monday, 7 Dec 2015 05:20pm EST 

American International Group, Inc:Says it has priced the sale of 361 million ordinary H shares of PICC Property and Casualty Company Limited (PICC P&C) by means of a placing to certain institutional investors.Upon the closing of the placing, which is scheduled for December 10, 2015, and is subject to customary closing conditions, AIG will receive gross proceeds of about US$751.8 million, based upon a purchase price of HK$16.14 (about US$2.08) per share.Thereafter, AIG will continue to be the largest holder of PICC P&C H shares, with a position of approximately 851 million shares, representing 5.74 percent of the total issued share capital of PICC P&C.  Full Article

American International Group Inc said to plan cutting as many as 400 senior-level jobs - Bloomberg, citing source - Reuters
Monday, 2 Nov 2015 04:42pm EST 

American International Group Inc:American International Group Inc., the insurer facing pressure from activist shareholder Carl Icahn for a breakup, posted a third-quarter loss as investment results deteriorated. The company plans to cut as many as 400 senior-level jobs - Bloomberg.The insurer said restructuring initiatives, which include severance costs and information-technology improvements, will save $400 million to $500 million a year - Bloomberg.The 400 cuts would represent about a fifth of the senior-level workforce, according to a person familiar with the plan who asked not to be identified discussing personnel matters Bloomberg.  Full Article

American International Group declares common stock dividend of $0.28 per share
Monday, 2 Nov 2015 04:16pm EST 

American International Group Inc:Declared a dividend of $0.28 per share on AIG Common Stock, par value $2.50 per share.Payable on December 21, 2015, to stockholders of record at the close of business on December 7, 2015.  Full Article

ASSA to acquire American International Group Inc Operations in Central America
Thursday, 15 Oct 2015 02:15pm EDT 

American International Group Inc:ASSA Compañía Tenedora, S.A. and ASSA Compañía de Seguros (ASSA) and American International Group, Inc. (NYSE: AIG ) have entered into a share purchase agreement.Under which, ASSA will acquire 100 percent of AIG's operations in Central America located in El Salvador, Guatemala, Honduras and Panama.  Full Article

U.S. court rejects American International Group Inc, Bank of NY Mellon tax credit appeals - Reuters
Tuesday, 8 Sep 2015 08:00pm EDT 

American International Group Inc:A U.S. appeals court on Wednesday rejected efforts by American International Group Inc and Bank of New York Mellon Corp BK.N to recoup hundreds of millions of dollars of foreign tax credits that the Internal Revenue Service did not allow - Reuters.By a 3-0 vote, the 2nd U.S. Circuit Court of Appeals in New York dismissed arguments that the federal government, through the IRS, tried to tax both companies twice by denying them credits on taxes paid to foreign governments - Reuters.Circuit Judge Denny Chin said the transactions at issue were "most appropriately characterized as shams" under applicable law, known as the "economic substance" doctrine, because they were taken to avoid taxes, and appeared to offer little or no potential for financial gain - Reuters.AIG had sought $48.2 million of credits for 1997, following several cross-border transactions in which the insurer borrowed $1.6 billion and reinvested it at higher rates, ostensibly to make a profit, court papers show - Reuters.Meanwhile, court papers show that Bank of New York Mellon had sought $200 million of credits for 2001 and 2002 tied to a Barclays Plc BARC.L product known as STARS, in which it obtained a low-rate $1.5 billion loan whose proceeds it reinvested at higher rates - Reuters.  Full Article

American International Group Inc declares 124 pct increase in quarterly dividend
Monday, 3 Aug 2015 04:05pm EDT 

American International Group Inc:Declared 124 pct increase in quarterly dividend to $0.28 per share on AIG Common Stock, par value $2.50 per share.Dividend is payable on Sept. 28 to stockholders of record at close of business on Sept. 14.  Full Article

American International Group acquires first principles capital management
Tuesday, 28 Jul 2015 08:30am EDT 

American International Group:Acquires first principles capital management.Says AIG is acquiring first principles, a privately held investment management firm.Says terms of the transaction were not disclosed.Says the transaction is expected to close in the third quarter of 2015.  Full Article

American International Group closes $2.5 billion senior notes offering
Friday, 10 Jul 2015 10:47am EDT 

American International Group:Says the closing of the sale of $1,250,000,000 aggregate principal amount of AIG's 3.750% Notes due 2025, $500,000,000 aggregate principal amount of AIG's 4.700% Notes due 2035 and $750,000,000 aggregate principal amount of AIG's 4.800% Notes due 2045.AIG has determined that the closing of this notes offering satisfies the financing condition of its previously announced maximum cash tender offer for certain notes and debentures issued or guaranteed by AIG described in the offer to purchase, dated June 18.Says tender offer remains subject to certain other conditions, including the absence of any adverse legal and market developments. The expiration date of the tender offer is 11:59 p.m., New York City time, on July 16, unless extended.Payment date for the tender offer will be promptly following its expiration and is expected to be on or about July 20.  Full Article