April 2005/1

American International Group’s new chief executive Martin Sullivan has written to his shareholders as problems continue to mount for the insurance giant.

Standard & Poor’s has lowered American International Group’s prized credit, debt and financial strength ratings following revelations of the insurance giant’s involvement in “inappropriate financial transactions”.

John Molbeck has rejoined the board of HCC Insurance Holdings only weeks after retiring as the chief executive of JLT Group’s US arm Jardine Lloyd Thompson LLC.