» Subscribe Today!
The Power of Information
Home
The Ledger - EST. 1978 - Nashville Edition
X
Skip Navigation LinksHome > Article
VOL. 40 | NO. 4 | Friday, January 22, 2016

AIG selling broker-dealer segment, cutting expenses

Print | Front Page | Email this story

NEW YORK (AP) — Insurer AIG is selling its broker-dealer segment, starting an initial public offering for its mortgage-insurance division and slashing expenses after coming under pressure from activist investor Carl Icahn.

Icahn has been pushing AIG to break itself into three separate companies.

American International Group Inc. said Tuesday that it will sell AIG Advisor Group to private equity firm Lightyear Capital LLC and Canadian pension investment manager PSP Investments. Terms were not disclosed.

The company said the IPO for up to 19.9 percent of United Guaranty Corp. is a first step toward a full separation.

AIG also announced that it is looking to cut $1.6 billion of expenses within two years.

Its shares rose more than 1 percent in premarket trading.

Follow us on Facebook, Twitter & RSS:
Sign-Up For Our FREE email edition
Get the news first with our free weekly email
Name
Email  
TNLedger.com Knoxville Editon
RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 0 0 0
MORTGAGES 0 0 0
FORECLOSURE NOTICES 0 0 0
BUILDING PERMITS 0 0 0
BANKRUPTCIES 0 0 0
BUSINESS LICENSES 0 0 0
UTILITY CONNECTIONS 0 0 0
MARRIAGE LICENSES 0 0 0