Legendary US insurance leader Maurice “Hank” Greenberg is to step down as CEO of major insurer AIG, according to the Wall Street Journal. Mr Greenberg, who turns 80 in two months, has come under pressure in investigations by New York Attorney-General Eliot Spitzer and the Securities and Exchange Commission.

Mr Greenberg has run AIG since 1967, and has always been presumed unassailable in his position. However, the investigations – which have highlighted alleged irregularities including financial reinsurance transactions with Cologne Re – have damaged his reputation in the business community.

The Wall Street Journal report says the AIG board met over the weekend to discuss senior management changes. While the company has not confirmed the report, spokesmen have not denied it, either.

Last October Mr Greenberg’s son Jeffrey – once regarded as his successor at AIG – resigned as President and CEO of Marsh & McLennan after Mr Spitzer launched a prosecution of Marsh alleging unsavoury business practices.