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  • New York attorney general Andrew Cuomo is to scrutinise executive compensation since the start of 2007 at American International Group (AIG) as he launched a probe into what he called “unwarranted and outrageous” spending by the fallen giant.
  • After the gains of earlier in the week, European and Asian shares have continued to fall this morning (16 October) amid gloomy economic news both sides of the Atlantic.
  • Broking giant Aon Corporation has agreed a $154.7mn deal to sell off its auto unit AIS Management Group to Mercury Insurance Group, California’s third-largest personal automobile insurer.
  • WR Berkley has confirmed the hire of a financial institutions (FI) team from American International Group, as previously revealed by The Insurance Insider.
  • The directors of nationalised UK bank Northern Rock will not be sued by its new owner over the collapse of the mortgage lender earlier this year.
  • Bermudian (re)insurer Max Capital Group Ltd will cut its allocation to alternative investments after being hit by poor results from the portfolio, while compatriot Allied World Assurance Company Holdings (AWAC) said it expects to take $210mn investment lo
  • American International Group's (AIG) rescue deal with the US government will result in its liquidation, according to former chief executive Hank Greenberg.
  • XL Capital shares have surged after the company reported an estimated third quarter net loss of $1.65bn to $1.67bn that included a $1.4bn charge in relation to its August transaction to close the majority of liabilities to former bond insurer affiliate Se
  • Berkshire Hathaway is restructuring its London market operations with a view to selling its Lloyd's insurer Marlborough Underwriting Agency, The Insurance Insider can reveal.
  • London and international broker Thompson, Heath & Bond has appointed John Goldsmith, former chairman of the London (re)insurance broker Dennis M. Clayton (now part of Towers Perrin), as non-executive director of the firm.