New York, the state in charge of a National Association of Insurance Commissioners working group, has hired Centerview Partners Holdings L.L.C. to help it oversee the insurance subsidiaries of American International Group Inc.
The NAIC, Kansas City, Mo., set up the 50-state working group to keep tabs on the insurance operations of AIG, New York.
“Any significant transaction affecting an AIG insurance company, including any sale, will need approval from state regulators,” according to an announcement of the hiring of Centerview released by New York State Insurance Superintendent Eric Dinallo, the chair of the AIG working group.
Centerview, New York, is an investment banking advisory and private equity firm run in part by partners who once were top executives at Gillette Company, Boston.
One of the firm’s senior advisors, Ray Groves, is a former chairman and chief executive of Ernst & Young L.L.P., New York.
CLARIFICATION: An earlier version of this article gave a different description of the relationship between Centerview and the NAIC working group.