AIG’s mortgage insurance unit, United Guaranty Corp, filed for an initial public offering of up to $100 million with U.S. regulators, as part of a previously announced move to spin off the business.
AIG announced in January it would spin off the unit in an attempt to overhaul its operational structure in the face of pressure from investor Carl Icahn that the insurer split into three parts. AIG had said it would sell up to a 19.9 percent stake in United Guaranty.
In February, AIG said it would add Icahn representative and billionaire John Paulson to its board, averting a boardroom fight.
J.P. Morgan and Morgan Stanley are among those underwriting the IPO, the company said in a preliminary prospectus filed with the U.S. Securities and Exchange Commission.
United Guaranty plans to list its shares on the NYSE.
(Reporting by Kanika Sikka in Bengaluru; Editing by Peter Cooney)
Topics AIG
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