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AIG garage sale continues

Bits and pieces of AIG continue to be sold off in a bid to pay back American taxpayers for the $US180 billion ($222 billion) government rescue.

The group’s New York headquarters at 70 Pine Street and an adjacent building at 72 Wall Street have been sold for an undisclosed price to Manhattan-based investment and development firm Youngwoo & Associates and South Korea-based Kumho Investment Bank.

This follows the sale late last month on AIG’s Tokyo headquarters for $US1.2 billion ($1.47 million) in cash to Nippon Life Insurance Company.

And, as reported in insuranceNEWS.com.au last week, the insurer sold 29.9 million shares in Transatlantic Re for $US1.14 billion ($1.4 billion).

Earlier this month, AIG sold its consumer finance operations in Argentina for an undisclosed price. In April Zurich Financial Services Group bought AIG’s US personal auto insurance business 21st Century Insurance Group for $US1.9 billion ($2.3 billion), and BMO Financial Group bought AIG Life of Canada for about $US263 million ($324 million).

In March AIG closed the sale of Hartford Steam Boiler to the Munich Re Group for $US739 million ($911 million).