AIG Hires Firms to Advise on Sale of Assets Including Hartford Steam

October 17, 2008

American International Group , which is in the process of selling assets to repay a massive U.S. government loan, has hired Bank of America to advise it on the sale of its U.S. personal lines business, sources familiar with the matter said Thursday.

The insurer also has hired investment bank Keefe, Bruyette & Woods to sell its Hartford Steam Boiler Inspection and Insurance Co. unit, these sources said.

These financial advisers are in addition to the Blackstone Group LP and JPMorgan Chase & Co., which are the global coordinators for the insurer’s divestiture program.

AIG and Bank of America declined to comment, while KBW could not be immediately reached for comment.

(Reporting by Paritosh Bansal; editing by Carol Bishopric)

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