Magazine date:
Jul 2016 American International Group (AIG) has ceded its mortgage insurance subsidiary United Guaranty Corporation (UGC). It is the Bermudian Arch Capital Group who bought the company for an amount of 3.4 billion USD.
Early 2016, AIG announced its plan to sell 20% the subsidiary's capital and retain the remaining 80%. Under pressure from some investors, the group was forced to cede the entire capital of UGC.
The transaction is part of the refocusing strategy of the American International Group, in which "selective" cessions play an important role, said its CEO Peter Hancock.
Read also: