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AIG names new CEO, breaks up its insurance business

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[NEW YORK] Global insurer AIG announced a multi-part shake up on Monday, naming a new CEO and splitting its business in two. Read more at The Business Times.

Mr Zaffino said the decision came after a long review.

Once the world's largest insurer, AIG was teetering on the verge of collapse under tens of billions of dollars of souring, unhedged derivatives contracts in September 2008 when it sought liquidity from the New York Fed.

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