AIG Names Reinsurance Chief

Charles Dangelo will take the reins of a unit hit hard in an accounting scandal.
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AIG

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named Charles Dangelo senior reinsurance officer.

Dangelo, who was president of AIG Global Risk Management, will be responsible for all outward reinsurance relationships involving AIG companies.

The appointment comes on the heels of an accounting scandal at the New York insurance giant that forced longtime CEO Hank Greenberg from the company he ran for nearly 40 years.

Greenberg left the company under pressure from regulators looking into AIG's accounting for certain reinsurance deals, particularly one with

Berkshire Hathaway's

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General Re.

In May, New York Attorney General Eliot Spitzer filed civil fraud charges against AIG and Greenberg, charging the former insurance industry titan with orchestrating a series of accounting tricks and frauds to help prop up AIG's stock price.

AIG has since

restated its earnings, in part because some deals like the General Re transaction were undertaken solely to boost profits. Hank Greenberg has denied any wrongdoing in the bookkeeping missteps.

On Wednesday, AIG rose 30 cents to $59.79.