NEW YORK (Reuters) - American International Group Thursday reported higher third-quarter earnings despite losses related to four U.S. hurricanes, and the insurer said it was the target of a grand jury investigation.
AIG said the U.S. attorney for the Southern District of Indiana had informed the company that the investigation was looking into "non-traditional insurance or
income-smoothing products marketed by AIG that were directed at creating agreements with businesses that would appear to be insurance and accounted for as insurance but did not involve any actual risk transfer.''
The investigation is also directed at a company named Brightpoint Inc., which was previously investigated by federal regulators, AIG said.
Thursday, October 21, 2004
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