AIG completes sale of two insurance units
AIG has finalised the discount sale of an American specialty insurer and a Canadian life insurance unit as the beleaguered insurer continues to divest non-core assets.
Munich Re paid $US739 million ($1.06 billion) for Hartford Steam Boiler (HSB) Group, whose core business unit is one of the largest insurance and inspection companies specialising in engineering risks in the US. It had gross written premium of $US930 million ($1.33 billion) last year.
AIG paid a reported $US1.2 billion ($1.7 billion) for HSB in 2000.
Munich Re spokesman Peter Roder says the purchase is part of a planned expansion into American specialty insurance niche segments.
AIG has also completed the sale of AIG Life of Canada to BMO Financial Group for $US263 million ($367 million).
AIG Chairman and CEO Edward Liddy says despite adverse market conditions the insurer “is working tirelessly to execute an orderly and effective asset disposition plan to repay the US Government”.
Munich Re paid $US739 million ($1.06 billion) for Hartford Steam Boiler (HSB) Group, whose core business unit is one of the largest insurance and inspection companies specialising in engineering risks in the US. It had gross written premium of $US930 million ($1.33 billion) last year.
AIG paid a reported $US1.2 billion ($1.7 billion) for HSB in 2000.
Munich Re spokesman Peter Roder says the purchase is part of a planned expansion into American specialty insurance niche segments.
AIG has also completed the sale of AIG Life of Canada to BMO Financial Group for $US263 million ($367 million).
AIG Chairman and CEO Edward Liddy says despite adverse market conditions the insurer “is working tirelessly to execute an orderly and effective asset disposition plan to repay the US Government”.