Advertise
Resources
Member, Beacon International Group, Ltd.
NEW YORK--Feuding insurers American International Group Inc. and C.V. Starr & Co. announced Tuesday that they had reached a settlement of certain disputes stemming from the termination of managing general agency relationships between the companies' subsidiaries.
Terms of the settlement were not disclosed. Under the agreement, AIG will cease conducting business under "Starr" and related names, while C.V. Starr will refrain from conducting business under "American International" and related names, according to a joint statement from the companies.
New York-based AIG and its subsidiaries were linked for many years to the Starr companies. However, AIG and Starr have had a contentious relationship since early 2005, when Maurice R. Greenberg was ousted as AIG's chairman and chief executive. Mr. Greenberg is now chairman of Starr.
A spokesman for AIG declined to comment on the settlement.
Representatives for C.V. Starr did not immediately return phone calls.