AIG speeds up sell-off of AIU Holdings
AIU Holdings will distance itself from the beleaguered insurance giant AIG sooner than anticipated.
The troubled US giant announced last week it will accelerate steps to position AIU Holdings – of which AIG’s Australian and NZ operations are a part – as an independent entity by transferring the company to a special-purpose vehicle in preparation for the potential sale of a minority stake in the business.
This is the first step in the process announced on March 2 to make AIU Holdings a separate company from AIG.
The ratings agencies have approved the move, with Standard and Poor’s (S&P), Moody’s and Fitch keeping AIG’s ratings unchanged.
S&P says the move is a positive development and will result in strengthened capital adequacy and enhanced quality of capital.
AIG Australia CEO Chris Townsend told insuranceNEWS.com.au the ratings agencies’ approval is “pleasing”.
“This impacts positively on AIU Holdings’ capital adequacy and is positive progress towards becoming a more independent, transparent organisation.”
The troubled US giant announced last week it will accelerate steps to position AIU Holdings – of which AIG’s Australian and NZ operations are a part – as an independent entity by transferring the company to a special-purpose vehicle in preparation for the potential sale of a minority stake in the business.
This is the first step in the process announced on March 2 to make AIU Holdings a separate company from AIG.
The ratings agencies have approved the move, with Standard and Poor’s (S&P), Moody’s and Fitch keeping AIG’s ratings unchanged.
S&P says the move is a positive development and will result in strengthened capital adequacy and enhanced quality of capital.
AIG Australia CEO Chris Townsend told insuranceNEWS.com.au the ratings agencies’ approval is “pleasing”.
“This impacts positively on AIU Holdings’ capital adequacy and is positive progress towards becoming a more independent, transparent organisation.”