American International Group Inc. closed the sales of two business units last week.
On Thursday the insurer sold AIG Life of Canada to Bank of Montreal for about $263 million. Two days earlier AIG sold Hartford Steam Boiler Inspection and Insurance Co. to Munich Re Group for $739 million, plus the assumption of $76 million of outstanding capital securities.
"Despite highly adverse market conditions, AIG is working tirelessly to execute an orderly and effective asset disposition plan to repay the U.S. government," said Edward Liddy, its chairman and chief executive. "In the past few months we have reached agreements on the sale of 10 businesses. Several other transactions are under discussion, and we continue to evaluate how best to assure the continued strength and success of all of AIG's businesses for the benefit of all AIG stakeholders."