December 11, 2012 / 10:41 PM / in 5 years

White Mountains to buy runoff unit from AIG

Dec 11 (Reuters) - 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.

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