Icahn Rep, Paulson To Join AIG Board

American International Group Inc (NYSE: AIG) shares are up slightly in Thursday's after hours session despite a down day amid new commentary from Carl Icahn.

The activist investor said he and Icahn Capital have reached an agreement with AIG where one of the fund's analysts will join the company's Board of Directors, according to a statement on Icahn's website.

Icahn added he personally declined a seat on AIG's board because of "involvement in so many other companies at this time."

The statement also revealed AIG has entered into a separate agreement with Paulson & Co; firm President John Paulson will join the company's board. Paulson's third quarter 13F filing indicates he held $829.7 million of AIG stock at that time. Reports late last year estimated Icahn's stake to be about twice that, according to Bloomberg.

"We continue to believe that smaller and simpler is better and look forward to working collaboratively with the board and management to help catalyze a turnaround in core P&C operations, a more transparent operating structure, and the ultimate shedding of the SIFI designation," Icahn's statement read.

The activist had previously said AIG is worth over $100 per share if it were to break up into three public companies: a property-casualty arm, a life insurance arm and a mortgage focused arm.

AIG presently trades near $51 per share. The company reported a fourth quarter loss of $1.10 per share and operating revenue of $1.14 billion on Thursday afternoon.