American International Group's net losses from the Sept. 11 terrorist attacks on the United States are now estimated to be roughly $800 million, AIG Chairman and CEO Maurice Greenberg announced during a conference call this afternoon.
In a prior announcement, on Sept. 13, the company had indicated that the net pretax loss figure would be approximately $500 million.
Mr. Greenberg said that 70 percent of New York-based AIG's reinsurance associated with these losses was with double-A-rated companies and higher, with 30 percent coming from triple-A reinsurers. He said that 29 percent of the reinsurance is from "single-A" companies and that only 1 percent of the reinsurers have lower ratings.
