AIG Update 9-11-08

From Reuters:

NEW YORK - Fears that American International Group Inc's large mortgage exposure could trigger another round of losses has rankled investors so much that the insurer has lost its iron grip as the world's industry leader by market value.

AIG's shares have tumbled more than 70 percent over the past year. Including steep declines this week, AIG's valuation has fallen to about $47 billion from roughly $175 billion a year ago, leaving it trailing such companies as AXA SA , with a market value of about $65 billion, according to Reuters data.

AIG started the week with a market value in excess of $60 billion.

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