American International Group, Inc. (AIG) Financial News - Berkowitz's Fairholme slashes U.S. stock holdings

American International Group, Inc. (AIG)

Berkowitz's Fairholme slashes U.S. stock holdings

Quote: stock holdings in the second quarter by moving some of its money into more concentrated bets like insurer American International Group (AIG.N), according to a regulatory filing. The Miami-based money-management firm's equity stake in AIG nearly doubled to about 103 million shares in the quarter ended June 30, Fairholme's most recent 13-F filing shows. However, Fairholme no longer held about 23 million in warrants in AIG, at the end of the second quarter. It is possible some of those warrants were converted into common stock in the period. Berkowitz's firm also added shares of Assured Guaranty (AGO.N), a new position in the second quarter. Overall, Fairholme now has stakes in 20 U.S. listed companies, down from 28 companies at the end of the first quarter. Some of the stocks Berkowitz's firm eliminated from its portfolio include Cisco Systems (CSCO.O), Astrazeneca (ASTR.NS) and Bristol-Meyers Squibb, according to the filing. The filing shows that Berkowitz, in the second quarter, had remained as bullish as ever on troubled lender Bank of America (BAC.N). As of June 30, the number of Bank of America shares owned by Fairholme stood at 99 million, up slightly from the end of the first quarter. His position in Florida real estate concern St. Joe Co also was largely unchanged at 26.6 million.(Reported by Matthew Goldstein, editing by Matthew Lewis)...
Open whole article (external link)

Other Financial and Stock Market News concerning American International Group, Inc.

American International Group, Inc. Stock Summary

American International Group, Inc., through its subsidiaries, provides insurance and financial services in the United States and internationally. It operates in four segments: General Insurance, Life Insurance and Retirement Services, Financial Services, and Asset Management. The General Insurance segment underwrites various business insurance products, including large commercial or industrial property insurance, excess liability, inland marine, environmental, workers? compensation, and excess and umbrella coverages. It also offers various specialized forms of insurance, such as aviation, accident and health, equipment breakdown, directors and officers liability, difference-in-conditions, kidnap-ransom, export credit and political risk, and professional errors and omissions coverages. In addition, this segment provides property and casualty reinsurance products to insurers; automobile insurance products; residential mortgage guaranty insurance products; and commercial and consumer lines of insurance products. The Life Insurance and Retirement Services segment offers individual and group life, payout annuities, endowment, and accident and health policies, as well as retirement savings products consisting of fixed and variable annuities. The Financial Services segment provides commercial aircraft and equipment leasing, capital market operations, consumer finance, and insurance premium financing. The Asset Management segment offers investment-related services and investment products to individuals, pension funds, and institutions. The company was founded in 1967 and is based in New York, New York.