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J.P. Morgan Securities advised AIG on the deal, which is expected to close by the first quarter of 2025
Fitzsimons joined AIG in July 2019 and was most recently serving as the insurer's chief administrative officer
AIG has returned $18.1 billion to shareholders through buybacks since announcing the plan last year
The incoming CEO will be AIG's sixth in 12 years
In 2008, AIG nearly got collapsed and get $182 billion bailout by the US government
Greenberg will pay about $9 million and former AIG CFO Howard Smith will pay about $900
To take on many long-term risks on the US commercial insurance policies it has already written