AIG sells $502.5m in Arch shares
AIG is selling 5,674,200 shares in Arch Capital Group with a total value of $502.5 million.
The proceeds, before expenses to AIG will be $501.3 million, according to the prospectus.
The shares are being sold by AIG subsidiaries American Home Assurance Company, Lexington Insurance Company and National Union Fire Insurance Company of Pittsburgh.
AIG received the Arch shares when it sold its 100 percent interest in United Guaranty to Arch in August 2016. The payment was partially made in Arch stock.
The $3.4 billion deal consisted of $2.2 billion of cash, $250 million of newly issued Arch perpetual preferred stock, and $975 million of newly issued Arch convertible non-voting common-equivalent preferred stock.
In June 2017, AIG had already sold 707,210 common shares in Arch for $65.4 million.
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