A WinTrust Financial Corp. unit bought most of American International Group Inc.'s U.S. life insurance premium finance assets.

The unit, First Insurance Funding, paid $679.5 million to become the largest traditional life insurance premium finance lender in North America, it said Tuesday.

Wintrust, an $11 billion-asset bank holding company in Lake Forest, Ill., also controls nine Illinois-chartered banks, a Wisconsin-chartered bank and five nationally chartered banks, and it operates a wealth management company.

If certain conditions are met, First Insurance Funding said that it also would buy more life insurance premium finance assets for $61.2 million.

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