In fact, Kevin Rennie, writing at RealClearPolitics, says that Jackie Clegg Dodd was a director of Bermuda-based IPC Holdings.
From 2001-2004, Jackie Clegg Dodd served as an “outside” director of IPC Holdings, Ltd., a Bermuda-based company controlled by AIG. IPC, which provides property casualty catastrophe insurance coverage, was formed in 1993 and currently has a market cap of $1.4 billion and trades on the NASDAQ under the ticker symbol IPCR. In 2001, in addition to a public offering of 15 million shares of stock that raised $380 million, IPC raised more than $109 million through a simultaneous private placement sale of 5.6 million shares of stock to AIG – giving AIG a 20% stake in IPC. (AIG sold its 13.397 million shares in IPC in August, 2006.)
Now, before we reach for our torches and pitchforks (which have been getting quite the workout this week), let’s ask: does this matter as much as we might initially think? If so, in what way?
Rennie notes that Mrs. Dodd made only about $12,000 a year. However, the connection that Rennie suggests is:
Dodd is likely more familiar with the complicated workings of AIG than he was letting on last week.
And that may be it. Even so, it adds a new twist to the story. Kevin Rennie has been relentless in his pursuit of Chris Dodd, and I expect he won’t let up.
I do wonder why this was posted at RCP and not in a Courant column.