The investigative earthquake that has shaken American International Group to its foundations reached into another part of the empire on Tuesday, April 5, with the announcement that former AIG Chairman and CEO Maurice R. “Hank” Greenberg, along with Edward E. Matthews and Howard I. Smith, have resigned from the Board of Directors of Transatlantic Holdings, Inc.
AIG owns 59.3 percent of the shares of Transatlantic, a global reinsurance company. According to a Nov. 1, 2004 filing Greenberg held 56,250 shares in the company, currently worth around $3.6 million. He had also served as its longtime Chairman.
The Board has elected President and CEO, Robert F. Orlich, to serve as its Interim Chairman. Transatlantic also said the “Board intends to nominate its six current members, as well as certain new directors, to stand for election at the upcoming annual stockholders’ meeting scheduled for May 19, 2005.”
Speaking on the Board’s behalf Orlich said “We are grateful to Messrs. Greenberg, Matthews and Smith for their many contributions and dedicated service — helping build Transatlantic into a leading global reinsurance organization.”
Commenting on recent events, Orlich stated: “Transatlantic Holdings, Inc., as a consolidated subsidiary of American International Group, Inc. (AIG), continues to cooperate in all investigations of AIG and related information requests. To date, nothing has come to our attention that would indicate that Transatlantic has been involved in any improper conduct.”
Transatlantic operates through wholly owned subsidiaries – Transatlantic Reinsurance Company, Trans Re Zurich and Putnam. It offers both treaty and facultative P/C reinsurance capacity, directly and through brokers, to insurance and reinsurance companies in both the U.S. and international markets. Gross written premiums in 2003, totaled nearly $3.4 billion.
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