Friday, June 26, 2009
AIG Takes Steps to Spin Off 2 Life Insurance Units, Will Reduce Government Debt by $25 Million
American International Group Inc. said Thursday it will reduce outstanding federal loans by $25 billion by giving the government a preferred stake in two units that will be spun off from the insurance giant.
AIG is placing two life insurance subsidiaries — American International Assurance Co. and American Life Insurance Co. — into special purpose vehicles ahead of planned initial public offerings. SPVs are entities sometimes set up ahead of the spinoff or sale of a unit to separate its operations from the parent company.
AIG Takes Steps to Spin Off 2 Life Insurance Units, Will Reduce Government Debt by $25 Million
Source: Hartford Courant
AIG is placing two life insurance subsidiaries — American International Assurance Co. and American Life Insurance Co. — into special purpose vehicles ahead of planned initial public offerings. SPVs are entities sometimes set up ahead of the spinoff or sale of a unit to separate its operations from the parent company.
AIG Takes Steps to Spin Off 2 Life Insurance Units, Will Reduce Government Debt by $25 Million
Source: Hartford Courant
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