AIU Holdings, Inc. said it has sold a portion of its investment in Transatlantic Holdings, Inc, receiving cash of approximately $500 million.
AIU said the transaction demonstrates progress toward the sale of AIU Holdings’ interests in TRH, and advances its previously announced strategy to sell non-core, affiliated investments.
It also further positions AIU Holdings — the property/casualty and general insurance operations of American International Grouo (AIG) — as an independent entity in preparation for the potential sale of a minority stake in the business, which ultimately may include a public offering of shares, depending on market conditions.
Through its subsidiary, American Home Assurance Co., AIU Holdings continues to own 9,192,662 common shares of TRH, representing approximately 13.9 percent of TRH’s common shares issued and outstanding.
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