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Insurer reaches agreement with SEC, Justice Department

Tuesday, Nov. 23, 2004 | 9:28 a.m.

American International Group Inc., the world's largest insurer, reached preliminary agreements with federal regulators investigating transactions that may have let clients such as PNC Financial Services Group Inc. inflate profit.

The agreements with the U.S. Securities and Exchange Commission and the Department of Justice stem from products American International designed to help PNC remove bad loans from its books and an insurance policy it sold to Brightpoint Inc., the New York-based company said in a statement. American International didn't disclose terms of the settlements.

American International Chairman Maurice "Hank" Greenberg, 79, wants to clear the federal inquiries to focus on New York Attorney General Eliot Spitzer, who is investigating collusion with insurance brokers, said Stuart Quint, an analyst at Gartmore Global Investments. Two American International executives last month pleaded guilty to charges they fabricated bids and have agreed to testify in future cases.

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