Report: AIG spurned Allianz, J.C. Flowers

American International Group Inc. had an option to make Europe its new home. Bloomberg reports Wednesday that Allianz SE, Europe's largest insurer, made a joint offer with private equity firm J.C. Flowers & Co. LLC for the troubled U.S. firm. The bid was ultimately rejected by AIG in favor of an $85 billion bailout by the Federal Reserve.

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Allianz and J.C. Flowers weren't the only ones who were reportedly spurned by AIG. Former AIG CEO Hank Greenberg and a group of investors also reportedly were in talks for making an offer for the New York-based insurer. - Gerald Magpily

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See Dealscape: Post-AIG: Thinking about regulation

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