AIG Executive to Work With Investigators

By TSC Staff
TheStreet.com
May 15, 2005


An AIG executive has agreed to work with investigators probing the company's accounting and in return receive immunity from possible charges, according to a published report in The Wall Street Journal.

Joseph Umansky, the president of AIG Reinsurance Advisors, has agreed to co-operate with authorities, the Journal reported, citing people with knowledge of the matter. A representative of AIG told the Journal that Umansky still works at the company but wouldn't offer additional comment.

Some of the insurance company's reinsurance agreements are at the center of various governmental investigations into AIG.

Authorities expect Umansky to provide information on AIG's reinsurance agreements with General Re, part of Berkshire Hathaway, in addition to certain offshore insurers, according to the Journal report.

In a separate report, the Journal said two General Re executives, John Houldsworth and Milan Vukelic, were placed on administrative leave while they're under investigation in the U.S. and elsewhere. The Journal cited a person familiar with the situation.

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