NEW YORK (AP) — American International Group Inc., one of the world’s largest insurers, and a company headed by its former chairman announced yesterday they had settled disputes involving specialised insurance agencies that handle marine, energy and other policies.New York-based AIG and C.V. Starr & Co., which is controlled by former AIG chairman Maurice (Hank) Greenberg, did not disclose the terms of the settlement, which covered both lawsuits and arbitrations.

But the two companies said in a joint statement that “AIG shall refrain from conducting business under the Starr and related names, and C.V. Starr shall refrain from conducting business under the AI, American International and related names”.

Greenberg was forced out of AIG after nearly three decades at the helm in March, 2005 amid an investigation into accounting practices by New York Attorney General Eliot Spitzer.

Last February, AIG agreed to pay $1.64 billion to settle the investigation by Spitzer, the Securities and Exchange Commission and the US Justice Department. Greenberg has denied wrongdoing and is contesting allegations arising from the probe.

AIG and C.V. Starr said in their statement that the disputes they settled related to “general agency relationships” as well as the use of the names AIG and Starr.

Before the deal was reached, the two sides had been fighting over Starr agencies that issued and serviced policies for AIG.

AIG accused Starr of trying to take customers away and attempted to block Starr from signing up with other major insurance companies, including ACE USA and the Berkshire Hathaway Group. At the same time, AIG began setting up its own units to offer competing policies.

Among the most fought-over agencies was Starr Technical Risk Agency Inc., which offers commercial industrial insurance to the oil and chemical industry. AIG said it had assigned its own AIG Global Energy to handle accounts previously under Starr Tech’s control.

AIG also severed relations with other C.V. Starr units, including aviation and marine.http://www.aig.com

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