AIG Increases Plan to Raise Capital to $20 Billion |
| Bloomberg - May 20, 2008 |
American International Group Inc. will raise a total of $20 billion, 60 percent more than the New York- based insurer originally said it needed to protect against further writedowns, Chief Executive Officer Martin Sullivan said.
AIG, the world's largest insurer by assets, raised at least $13 billion through last week selling common stock and units that can convert into shares, Sullivan told investors and analysts at a conference in London today. A sale of hybrid bonds is underway.
The new capital ``enables us to take advantage of a lot of the attractive emerging markets we're in, as well as obviously be well-positioned for any continued volatility in the credit markets,'' Sullivan said.
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- Posted: 2008-05-20 08:33:42
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