AIG to Sell Reinsurer Stake Valued at $494 Million |
| BusinessWeek - Mar 5, 2010 |
American International Group Inc., the insurer bailed out by the U.S., said it will sell its remaining stake in Transatlantic Holdings Inc. in a public offering after the reinsurer’s fourth-quarter profit surged.
AIG holds about 9.2 million shares, or 14 percent of the reinsurer’s common stock. The stake is valued at about $494 million based on Transatlantic’s closing price yesterday of $53.76 on the New York Stock Exchange. The offering is expected to begin by March 9, New York-based AIG said today in a statement.
AIG is selling assets to repay taxpayers after receiving a government bailout valued at $182.3 billion. The insurer has struck deals to divest assets for more than $47 billion, agreeing this week to sell Asian life unit, AIA Group Ltd. Transatlantic is seeking to distance itself from the parent company that sought government aid after making bad bets tied to U.S. mortgages.
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- Posted: 2010-03-05 11:14:17
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