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Greenberg offers plan to sever Starr ties

Monday, April 4, 2005 | 9:40 a.m.

Maurice Greenberg, the ousted chairman of American International Group Inc., offered to sever his remaining ties to the insurer by ending AIG's relationship with two companies he controls, people familiar with the matter said.

The proposal would stop AIG executives from receiving bonuses from Starr International Co., a company run by Greenberg that has awarded hundreds of millions of dollars in long-term compensation since 1975 without board oversight.

Greenberg, 79, also would sell C.V. Starr & Co., an insurance agency that does business with New York-based AIG, said the people, who declined to be identified.

The offer reflects concern among investors that Greenberg continues to exert control over AIG.

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