American International Group Inc.'s Edward Liddy is starting to announce some of the many assets the insurer will sell off to quickly repay its $85 billion government loan.
In a
press release
and Webcast Friday, Liddy said the company plans to retain its U.S.
property
and casualty and foreign general insurance businesses. For the most
part, it seems everything else is up for grabs. See the list after the
break:
Continue reading below
- AIG American General, a life insurance company based in Houston
- AIG Direct, which covers auto, motorcycle, recreation vehicle and commercial vehicle insurance
- Alico, its life insurance operations in the U.S., Europe, Latin America, South Asia and Japan
- Real estate, AIG owns $16 billion worth around the world in more than 30 countries and 14 U.S. cities including AIG's headquarters at 70 Pine St. in lower Manhattan
- Financial Services, which includes aircraft leasing, capital markets and consumer finance operations, including AIG's International Lease Finance Corp.
The insurer has already sold its 50% stake in London City Airport Ltd. to its joint venture partner, Global Infrastructure Partners, for an estimated $460 million.
Blackstone Group LP and J.P. Morgan Chase & Co. are advising AIG on divestitures. - Maria Woehr
For more on the auction check out Dealwatch.
