Reinsurers Sue AIG Alleging Claims Fraud; AIG Denies All Wrongdoing
National News • August 1, 2005
A group of 18 insurers is suing American International Group and bankrupt fronting company Trenwick America Reinsurance Corp. for allegedly scheming to collect as much as $73 million in what the ...
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Subject: RE: AIG and another scandal?
Posted On: August 1, 2005, 3:09 pm CDT
Posted By: David
Comment:
I don't know why everyone is surprized. AIG has done this dozens of times over the years, and NEVER had it questioned. They lived off the "backs" of reinsurers, and are the worlds largest buyer of reinsurance. Everyone slowly is coming to the realization that AIG is NOT an insurance company, they are a financial institution that survives on it cash flow and other financial manipulations. They are famous for denying, delaying, using litigation to force a low settlement, and when all else fails, drag out the process, and try to 'bleed the filer' dry. The idea of actually having risk is merely a marketing ploy.
Subject: RE: AIG and another scandal?