Daily Insurance Industry News
 
 
Daily Insurance Industry News
Sunday 25th of February 2018
March 5, 2010

AIG to sell Transatlantic Holdings shares

by Richard Kilner

Story link: AIG to sell Transatlantic Holdings shares

American International Group, Inc. (AIG) has announced it plans to sell its remaining shares in Transatlantic Holdings, Inc. (TRH).

The shares are owned by American Home Assurance Company (AHAC), one of AIG’s subsidiaries.

AHAC intends to try and sell the shares on 9 March or earlier, when TRH will join the S&P Midcap 400 Index.

The 9,192,662 common shares owned by AHAC comprise approximately 13.8% of TRH’s total shares.

Ever since being hit particularly hard by the financial crisis, AIG has been involved in numerous sales.

Earlier this year the intended sale of its AIA Asian business to Prudential was announced, a deal reportedly worth £15bn.

Last year the beleaguered insurer sold off some prime real estate in Tokyo, as well as offloading its entire stake in AIG Finance (Hong Kong) Limited to China Construction Bank.

AIG made net losses of $10.9bn in 2009, however, this was a great improvement in 2008’s enormous losses of $99.2bn.

 

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