AIG to strengthen Chartis balance sheet by $4.1bn after loss reserve review
Following completion of its annual comprehensive loss reserve review, AIG said today it expects to record a $4.1bn charge, net of $446m in discount and loss sensitive business premium adjustments, for the fourth quarter of 2010 to strengthen loss reserves in its Chartis property and casualty insurance subsidiaries.
In addition, AIG announced that it has entered into a letter agreement with the US Department of the Treasury permitting AIG to retain $2bn of the net cash proceeds from the recently closed sale of
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