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Jun
27
AIG to take on $5 billion in insurance unit losses, report says
June 27, 2008 |
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AIG said to take on $5 billion in insurance unit losses
By MarketWatch
Last Update: 6/27/2008 7:31:00 AM
LONDON (MarketWatch) - American International Group will assume up to $5 billion
of any losses incurred by a dozen of its insurance units on the sale of
securities hard hit by the subprime-mortgage crisis, according to a published
report Friday.
The amount is up from an earlier commitment of $500 million, Bloomberg News
reported.
The insurance units have taken $13 billion in writedowns in their
securities-lending accounts, according to the report.
AIG (AIG) also plans to inject unspecified amounts of capital into some of the
insurance units.
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