(Bloomberg) – American International Group Inc. (AIG) is getting bigger again.
Eight months after Chief Executive Officer Brian Duperreault took over and began to undo his predecessor's retrenchment strategy, the company announced a $5.56 billion, all-cash deal to purchase Bermuda reinsurer Validus Holdings Ltd., its largest standalone acquisition in 17 years.
In the nine years before Duperreault became CEO, AIG sold assets totaling roughly $100 billion to help repay a government bailout and restructure operations. The Validus takeover gives Duperreault's firm a reinsurer, a crop-insurance business and a Lloyd's of London operation. AIG was in talks last year to buy Voya Financial Inc., in a transaction that valued the insurer at more than $10 billion, before negotiations fell apart in November over price.
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