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AIG's CEO Stung by Catastrophes as He Looks to Expand

  • Disaster costs of $762 million driven by California wildfires
  • ‘We expect to build,’ CEO says after announcing Validus deal

Brian Duperreault picked a tough year to shore up AIG’s underwriting.

Losses from wildfires in California drove American International Group Inc.’s fourth-quarter catastrophe costs higher than rivals’ and beyond what some analysts estimated. The company’s results were also dragged down by a nearly $7 billion charge tied to the U.S. tax overhaul that AIG had previously warned investors to expect.