New York-based American International Group (AIG), which was bailed out by the federal government in the wake of the global financial crisis, filed a plan December 8 to repay the Federal Reserve Bank of New York.
"Our filing today that we have signed the definitive recapitalization agreement with the government marks an important step forward in our progress toward completely repaying taxpayers," AIG says in a statement. We remain committed to executing the steps and meeting all conditions in the agreement as soon as possible."
CNBC reports that the insurer will take a charge of $4.7 billion upon termination of its credit facility.
Nathan Golia is senior editor of Insurance & Technology. He joined the publication in 2010 as associate editor and covers all aspects of the nexus between insurance and information technology, including mobility, distribution, core systems, customer interaction, and risk ... View Full Bio