8-KOther Events

AMERICAN INTERNATIONAL GROUP, INC. 8-K Report, Corporate Update (Jan 13, 2006)

Filed January 13, 2006For Securities:AIG

Summary

This Form 8-K filing by AMERICAN INTERNATIONAL GROUP, INC. (AIG) on January 13, 2006, reports on the completion of a tender offer by C.V. Starr & Co., Inc. (Starr). A significant outcome for investors is that no AIG executive officers currently hold any Starr interests following the successful tender offer, with all eligible shareholders having tendered their shares. This development addresses previous concerns and efforts by AIG to provide alternative compensation structures to replace the investment opportunities historically associated with Starr holdings.

Key Highlights

  • 1C.V. Starr & Co., Inc. (Starr) completed its tender offer on January 9, 2006.
  • 2All eligible shareholders have successfully tendered their shares in the Starr tender offer.
  • 3As a result, no AIG executive officers currently hold any Starr interests.
  • 4Mr. Brian Schreiber, Senior Vice President - Strategic Planning, used his tender proceeds to repay a loan from a private entity potentially controlled by Mr. M. R. Greenberg.
  • 5The tender offer price was set at 1.42 times the liquidation value of the Starr interests.
  • 6AIG has previously disclosed its Compensation Committee's adoption of a Senior Partners compensation plan to replace Starr-related benefits.
  • 7This filing addresses the ongoing restructuring of executive compensation and benefits.

Frequently Asked Questions

The primary impact is that following the completed tender offer by C.V. Starr & Co., Inc., no AIG executive officers currently hold any interests in Starr. This marks a significant shift from previous arrangements.

The filing specifically mentions that Mr. Brian Schreiber, Senior Vice President - Strategic Planning, utilized the proceeds from tendering his Starr interests to repay a loan from a private entity that might be controlled by Mr. M. R. Greenberg.

The tender offer price was set at 1.42 times the liquidation value of the Starr interests.

AIG has previously adopted a Senior Partners compensation plan, which is part of the company's strategy to offer replacement investment opportunities and retention benefits that historically stemmed from Starr holdings.