Former

AIG

(AIG) - Get Report

CEO Maurice "Hank" Greenberg is leading a charge to improve shareholder value at the insurance empire he created.

In a regulatory filing Friday, a group of shareholders tied to Greenberg said it is evaluating alternatives to improve AIG's performance and strategic direction, as well as the value of its investment.

The shareholders plan to hold discussions with other investors and third parties to discuss issues such as the sale of certain AIG assets, investment opportunities, and concerns over the direction and management of the company, the filing said.

The filing was made on behalf of Greenberg and several shareholders with close ties to the former AIG chief, such as C.V. Starr, a firm run by Greenberg; the Maurice and Corinne Greenberg Family Foundation; and Edward Matthews, a top AIG executive under Greenberg.

Greenberg, who built AIG into an insurance behemoth, left the company in early 2005 amid an accounting probe.

Shares of AIG have been trading at 52-week lows, most recently being hit by concerns that it will have to take big writedowns tied to the subprime meltdown.

The stock gained ground in after-hours trading Friday following the Greenberg filing, rising $2.73, or 4.6%, to $61.85 in recent trading.