American International Group has announced tentative plans to sell most of its 24.2 percent stake in the reinsurance subsidiaries of Bermuda-based IPC Holdings Ltd.
AIG Chief Executive Officer Martin Sullivan called the move a “part of our ongoing management of our business portfolio and strategic redeployment of capital.”
The manner, timing and sale of the 15.4 million IPCRe shares will be at AIG's discretion and may not occur at all, Mr. Sullivan stressed in a statement issued late Wednesday.
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