US insurance company American International Group (AIG) has been told to improve the way it discloses how it uses reinsurance to offset property and casualty unit losses and admit how much reinsurance it received through a deal with Berkshire Hathaway. The US Securities and Exchange Commission (SEC) also told the firm to explain how it calculated reinsurance. AIG said in a statement that its "internal review of our policies is ongoing" but declined further comment. The SEC request came after it had reviewed AIG’s 2017 annual filing.
US insurance company American International Group (AIG) has been told to improve the way it discloses how it uses reinsurance to offset property and casualty unit losses and admit how much reinsurance it received through a deal with Berkshire Hathaway. The US Securities and Exchange Commission (SEC) also told the firm to explain how it calculated reinsurance. AIG has paid Berkshire’s reinsurance operation $10.2bn to take over lossmaking US commercial insurance risks. The SEC request came after it had reviewed AIG’s 2017 annual filing.