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A senior American International Group (AIG) executive is reported to have struck a deal with New York Attorney General, Eliot Spitzer.

AIG which has become the latest target for the high profile official. Spitzer has been investigating the relationship between AIG and the General Re reinsurance firm.

Of particular interest is a 2000 transaction, which it is alleged bolstered AIG's reserves by $500m.

Mr Joseph H. Umansky is the executive alleged to have made the deal with Spitzer in return for not facing charges.

He is still however on the AIG payroll. Neither he nor AIG offered any comment on the supposed deal, reported in the New York Times.

AIG have been under the cosh recently over a number of governance issues. Maurice "Hank" Greenberg stood down in March after 4 decades running the company.

The U.S. Justice Department and the Securities and Exchange Commission are also investigating AIG.

Potentially AIG could see its net worth drop by $2.7bn following disclosures of suspect transactions.

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Keywords

AIG

American International Group

insurance

reinsurance

General Re

New York Attorney General

Eliot Spitzer

Maurice Greenberg

corporate governance

Justice Department

SEC

Securities and Exchange Commission