Shares Of Major Insurers Rise, Led By AIG

NEW YORK (AP) — Shares of major insurers soared Monday, led by American International Group Inc., as the embattled company disclosed the names of its trading partners that indirectly benefited from federal aid it received.

The KBW Insurance index, which tracks 24 of the nation's largest insurers, rose 3.5 percent to $54.89 in afternoon trading.

The rise in insurance stocks came amid a broad market advance, fueled by reassuring comments from Federal Reserve Chairman Ben Bernanke that the recession could end later this year.

On Sunday, AIG made public the names of domestic and foreign banks that received money to cover losses on complex mortgage investments, as well as for collateral needed for other transactions. AIG, now about 80 percent owned by U.S. taxpayers, has received roughly $170 billion from the government, which feared its collapse could cause widespread damage to banks and consumers around the world.

The insurer's disclosure came amid public outrage over its payment of tens of millions in executive bonuses, and followed demands from lawmakers that the names of trading partners who indirectly benefited from federal aid to AIG be made public.