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 American International Group Inc (NYSE:AIG) has sold its U.S. auto insurance business to Swiss insurer Zurich Financial Services for $1.9 billion. The deal has been in the works since February and is the biggest deal for AIG to date. The deal consists of "We are very pleased to reach agreement on a The insurer has been trying to sell off assets to pay off its $173.3 billion bailout. As of April 8, AIG owed taxpayers $45 billion, according to The Wall Street Journal. The Wall Street Journal reported Thursday that the insurer was close to selling its U.S. auto insurance business to Swiss insurer Zurich Financial Services for roughly $1.5 billion to $2 billion.Fabrizio Croce, a Kepler Capital Markets analyst, told CNBC that Zurich should be careful not to overpay for the business, "especially as AIG is squeezed, as it has no choice ... and all its assets should therefore deflate further." Sales of most of its higher priced assets, like 21st Century, have been running into the same problems of low bids and sparse bidders over and over again. But that's not much of a surprise, as the company is stuck between a rock (growing hostility from the public) and a hard place (forced asset disposals). AIG has been working on several asset sales to help pay the government back. Here's where the assets sales stand so far: Sold:
Also see: AIG asset management sale heats up AIG to Fed: You pay us so we can pay you
CategoriesComments
From: Silk32,
Nice update. AIG overall may not be a going concern regardless of what the government does. If it cannot generate new business then part of the bailout will go to fund future operating losses. To learn more go to http://www.newyorkshockexchange.com/content/view/79/37/
Posted on:
April 16, 2009 1:54 PM
From: Silk32,
Nice update. AIG overall may not be a going concern regardless of what the government does. If it cannot generate new business then part of the bailout will go to fund future operating losses. To learn more go to http://www.newyorkshockexchange.com/content/view/79/37/
Posted on:
April 16, 2009 1:55 PM
From: Auto Insurance ,
An Auto Insurance unsecured debt consolidation loan can help you merge all your unsecured debt and avoid bankruptcy. This new cash can save hundreds and even thousands of dollars per month if you select to use your loan to pay off your current debt - in particular high interest rate credit cards. Even if you don’t possess a home, you could be eligible for their debt consolidation loan package.
Posted on:
April 17, 2009 7:09 AM
From: Auto Insurance ,
An Auto Insurance unsecured debt consolidation loan can help you merge all your unsecured debt and avoid bankruptcy. This new cash can save hundreds and even thousands of dollars per month if you select to use your loan to pay off your current debt - in particular high interest rate credit cards. Even if you don’t possess a home, you could be eligible for their debt consolidation loan package.
Posted on:
April 17, 2009 7:39 AM
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AIG...I have been in business for almost two decades and remember AIG was one of the most reliable, best partners. And now this. Luckily, the sold AIG Canada two months ago, so at least here in Canada we are ok. But if I were broker in the USA, I don't know how I would communicate with my clients about THIS...
Take care
Lorne