AIG subsidiary files Chapter 11

(Reuters) — American International Group Inc. said Wednesday its subsidiary AIG Financial Products had filed for Chapter 11 bankruptcy protection.

The filing concludes a process that has been ongoing since the 2008 financial crisis, the insurer said, adding it will not have a material impact on its balance sheet or that of recently listed life and retirement insurer Corebridge Financial Inc. 

Connecticut-based FP has no material operations or businesses and no employees.

AIG, FP's largest remaining creditor, had been accused of misleading investors about its exposure to subprime mortgages and credit default swaps during the financial crisis of 2008, culminating in $182.3 billion of federal bailouts.