AIG Plans To Sell Remaining 14% Stake In Transatlantic
March 05 2010 - 10:01AM
Dow Jones News
DOW JONES NEWSWIRES
American International Group Inc. (AIG) plans to sell its
remaining 14% stake in casualty reinsurer Transatlantic Holdings
Inc. (TRH) held by its American Home Assurance Co. subsidiary.
Transatlantic shares were down 2.8% premarket at $52.25 while
AIG rose 1.4% to $27.07 amid a broad market gain.
AIG has been selling off assets in an effort to repay the
government's fall 2008 bailout. The company recently agreed to sell
its Asian life insurance business for $35.5 billion and saw a tax
hurdle removed in the planned $15 billion sale of its second-bigest
foreign life insurer to MetLife Inc. (MET).
American Home plans to start the offering Tuesday, concurrent
with Transatlantic being added to the S&P Midcap 400 Index.
Some of the stake is planned to be reserved for purchase by funds
which track the index. Transatlantic's shares have more than
doubled the past year.
American Home sold two-thirds of its stake in Transatlantic in
mid-2009 and has since cut it further.
-By Tess Stynes, Dow Jones Newswires; 212-416-2481;
Tess.Stynes@dowjones.com;
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