AIG sells two business units
American International Group, the US taxpayer-bailed out insurance giant, said Thursday it has sold two business units for more than one billion dollars as it works to repay the US government.
By Agencies |
WASHINGTON: American International Group, the US taxpayer-bailed out insurance giant, said Thursday it has sold two business units for more than one billion dollars as it works to repay the US government.
AIG said it completed the sale of AIG Life of Canada to BMO Financial Group on Wednesday for some 263 million dollars.
On Tuesday the company closed the sale of Hartford Steam Boiler (HSB) to the German reinsurer Munich Re Group for 739 million dollars, plus the assumption of 76 million dollars of HSB securities.
"Despite highly adverse market conditions, AIG is working tirelessly to execute an orderly and effective asset disposition plan to repay the US government," said Edward Liddy, AIG's chairman and chief executive.
Under pressure from the government, which has provided some 180 billion dollars in federal bailout money to AIG, the company is working to shed assets.
Liddy said that AIG, once the world's largest insurer and now nearly 80 percent owned by the government under the bailout, has struck agreements on the sale of 10 businesses in recent months and that "several" other transactions were under discussion.
"We continue to evaluate how best to assure the continued strength and success of all of AIG's businesses for the benefit of all AIG stakeholders," he said.
AIG said it completed the sale of AIG Life of Canada to BMO Financial Group on Wednesday for some 263 million dollars.
On Tuesday the company closed the sale of Hartford Steam Boiler (HSB) to the German reinsurer Munich Re Group for 739 million dollars, plus the assumption of 76 million dollars of HSB securities.
"Despite highly adverse market conditions, AIG is working tirelessly to execute an orderly and effective asset disposition plan to repay the US government," said Edward Liddy, AIG's chairman and chief executive.
Under pressure from the government, which has provided some 180 billion dollars in federal bailout money to AIG, the company is working to shed assets.
Liddy said that AIG, once the world's largest insurer and now nearly 80 percent owned by the government under the bailout, has struck agreements on the sale of 10 businesses in recent months and that "several" other transactions were under discussion.
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"We continue to evaluate how best to assure the continued strength and success of all of AIG's businesses for the benefit of all AIG stakeholders," he said.
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