AIG moves to separate property, casualty business

April 22, 2009 06:21

American International Group Inc. said Tuesday it is moving toward selling off a minority stake in property and casualty insurance business AIU Holdings. AIG, once the world's largest insurer, is transferring AIU Holdings to a special purpose vehicle in preparation for the potential sale of part of the business, which may include a public stock offering. The embattled company announced March 2 that it would spin off AIU Holdings and give the company its own board of directors, management team and brand distinct from that of AIG, which has been tarnished by an executive bonus scandal, massive losses and its receipt of more than $180 billion in federal bailout funds.

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