AIG has recieved subpoenas from the office of New York State Attorney General Eliot Spitzer and the SEC.
The subpoenas seek information on the company's non-traditional insurance products and reinsurance transactions.
AIG issued the following statement regarding the subpoenas:
"Subsequent to the earnings conference call on Wednesday, February 9, AIG received subpoenas from the Office of the Attorney General for the State of New York and the Securities and Exchange Commission relating to investigations of non-traditional insurance products and certain assumed reinsurance transactions and AIG's accounting for such transactions. AIG will cooperate in responding to the subpoenas."
"Last year, AIG was implicated in Spitzer's investigation of bid-rigging in the insurance industry.
On Feb. 9, AIG Greenberg said an exhaustive internal review has so far found that such activity was confined to one broker relationship and one unit; the Excess Casualty division of American Home Assurance."
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