Insurer falls 90 cents on NYSE and hits lowest since October 1998.
American International Group (AIG), the world’s largest insurer by assets, fell 90 cents, or 2.3%, to $38.05 yesterday in New York Stock Exchange composite trading, hitting its lowest in almost a decade.
It was reported that the company plans to raise $20bn (£10.1bn) to protect against further writedowns. Analysts in London were told that the insurer took in $13.5bn (£6.8bn) last week from selling stock and units that can convert into shares, and it plans tol raise the rest in a sale of hybrid bonds.
The move will see AIG raise 60% more than it said it needed on 8 May after a writedown on holdings to reflect their reduced market value. That added to a record $7.81bn (£3.97bn) first-quarter loss.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
