AIG Transitioning P/C Units to AIU Holdings

May 4, 2009

American International Group Inc. (AIG) has begun the process of rebranding its insurance units as an independent entity, AIU Holdings, by transferring the company to a special purpose vehicle (SPV) in preparation for the potential sale of a minority stake in the business.

AIG previously announced AIU Holdings will have a board of directors, management team and brand distinct from AIG. Under the plan, AIU Holdings will serve as the holding company for AIG’s Commercial Insurance, Foreign General Insurance and Private Client Group units.

Under the SPV arrangement, AIG intends to contribute the equity of AIU Holdings into an SPV in exchange for preferred and common interests in the SPV.

AIG plans to purchase from AIU Holdings its equity interests in International Lease Finance Corp., United Guaranty Corp. and Transatlantic Holdings Inc.

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Insurance Journal West May 4, 2009
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