NEW YORK---Jun. 10, 2009--
American International Group, Inc. (AIG) announced today that it has
closed the previously announced public offering of 29.9 million shares
of Transatlantic Holdings, Inc. (NYSE: TRH) common stock owned by AIG
and its indirect subsidiary, American Home Assurance Company (AHAC) for
aggregate gross proceeds of $1.136 billion. TRH will not receive any of
the proceeds from the secondary offering.
This transaction enabled AHAC, a subsidiary of AIU Holdings, Inc.
(together with AIU Holdings LLC, “AIU Holdings”), to monetize part of
its investment in TRH to improve the quality of its capital and help
position AIU Holdings for continued success.
The secondary offering was made through a syndicate of underwriters, led
by J.P. Morgan Securities Inc., Goldman, Sachs & Co., and Morgan Stanley
& Co. as joint book-running managers with Lazard Capital Markets LLC as
co-lead underwriter. Dowling & Partners and Fox-Pitt Kelton Cochran
Caronia Waller acted as co-managers of the offering.
At the close of the secondary offering AHAC owns 9,192,662 common shares
of Transatlantic Holdings, Inc. representing approximately 13.9 percent
of Transatlantic Holdings Inc.’s common shares issued and outstanding.
American International Group, Inc. (AIG), a world leader in insurance
and financial services, is the leading international insurance
organization with operations in more than 130 countries and
jurisdictions. AIG companies serve commercial, institutional and
individual customers through the most extensive worldwide
property-casualty and life insurance networks of any insurer. In
addition, AIG companies are leading providers of retirement services,
financial services and asset management around the world. AIG's common
stock is listed on the New York Stock Exchange, as well as the stock
exchanges in Ireland and Tokyo.
Source: American International Group, Inc.
Peter Tulupman, 212-770-3141
Teri Watson, 212-770-7074