Moody's downgrades AIG P&C operations

Moody's has downgraded American International Group (AIG)'s
P&C insurance ratings today (27 January) to A2 from A1, citing
persistent adverse loss development, weak underwriting results and
ongoing reserving challenges.
The ratings hold a stable outlook.
Yesterday, AIG announced it had boosted its loss reserves by
$3.6bn after suffering adverse development in casualty, financial
lines and run-off business.
Historically, the company has battled with its reserves, having
already injected $7bn