American International Group and Blackstone said they have closed on the previously disclosed transaction for Blackstone to acquire a 9.9% equity stake in AIG’s Life & Retirement business and for Blackstone to manage an initial $50 billion of Life & Retirement’s existing investment portfolio has closed.
In announcing the deal in July, AIG and Blackstone said the private equity firm would pay $2.2 billion in cash for 9.9% of the unit that sells insurance and annuities,
AIG has said it plans to use an initial public offering to to sell an additional 19.9% of its life and retirement business.
AIG is splitting off its life insurance and retirement businesses from its property/casualty operations.
Last week, AIG announced several leadership changes that it says strengthen the organization to deliver on its main priorities including the separation of the Life & Retirement business.
Was this article valuable?
Here are more articles you may enjoy.
The most important insurance news,in your inbox every business day.
Get the insurance industry’s trusted newsletter