AIG sells premium finance unit
The AIG asset sale continues, with the US Government-dominated insurer selling most of its American life insurance premium finance business for about $US679.5 million ($821 million).
Subsidiary companies AIG Credit Corp and AI Credit Consumer Discount Company were snapped up by Chicago’s Wintrust Financial Corporation in a cash deal.
AI Credit’s property and casualty premium finance business is not included in the transaction, although Wintrust may buy more life insurance premium finance assets for $US61.2 million ($74 million) if “certain conditions” are met.
Some 20-plus AIG asset sales have netted more than $US7 billion ($8.5 billion). The government bailout is worth $US182.5 billion ($221 million).
Subsidiary companies AIG Credit Corp and AI Credit Consumer Discount Company were snapped up by Chicago’s Wintrust Financial Corporation in a cash deal.
AI Credit’s property and casualty premium finance business is not included in the transaction, although Wintrust may buy more life insurance premium finance assets for $US61.2 million ($74 million) if “certain conditions” are met.
Some 20-plus AIG asset sales have netted more than $US7 billion ($8.5 billion). The government bailout is worth $US182.5 billion ($221 million).