AIG To Boost Chartis Loss Reserves By $4.1B

Law360, New York (February 9, 2011, 1:20 PM EST) -- American International Group Inc. on Wednesday said it would take a $4.1 billion charge for the fourth quarter of 2010 to strengthen loss reserves in its Chartis property and casualty insurance subsidiaries, with much of the charge related to asbestos payouts.

The insurer, which is still recovering from a massive bailout following disastrous derivative losses, also said it had reached an agreement with the U.S. Department of the Treasury to retain $2 billion of the net cash proceeds from its sale of AIG Star Life Insurance...
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