NEW YORK--Jul. 28, 2009--
American International Group, Inc. (AIG) today announced that it has
completed the sale of a majority of the U.S. life insurance premium
finance business of AIG Credit Corp. and A.I. Credit Consumer Discount
Company (A.I. Credit) to First Insurance Funding Corp. (FIFC), a
subsidiary of Wintrust Financial Corporation of Lake Forest, Illinois,
for approximately $679.5 million in cash. If certain conditions are met,
FIFC will purchase certain specified additional life insurance premium
finance assets for $61.2 million.
A.I. Credit is a leading provider of insurance premium financing
products in North America. A.I. Credit’s lending products enable
individuals and businesses to obtain insurance while retaining their
capital for other purposes.
The property-casualty premium finance business of A.I. Credit is not
included in the transaction.
Blackstone acted as financial advisor to AIG on this transaction.
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.
American International Group, Inc.