Dec 11 White Mountains Insurance Group Ltd
said it would buy a small runoff unit of American
International Group Inc.
White Mountains said its specialist runoff acquisition unit
has signed an agreement to buy American Fuji Fire and Marine
Insurance Co from AIG.
The deal, terms of which were not revealed, is AIG's second
asset sale in two days. The bailed-out insurer had earlier
agreed to sell up to 90 percent of its aircraft leasing
business, ILFC, to a Chinese consortium for up to $4.8 billion.
AIG received a $182 billion U.S. government bail-out
following the global financial crisis and has been selling off
assets worldwide as part of a wider divestment plan. ILFC was
considered the last major piece to be sold off.
The U.S. Treasury earlier on Tuesday announced the sale of
its remaining stake in AIG, selling 234.2 million shares to
investors at $32.50 per share.
AIG shares closed up 6 percent at $35.26 on Tuesday on the
New York Stock Exchange.