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NU Online News Service, June 10, 1:21 p.m. EDT

American International Group said it has closed the sale of its interest in reinsurer Transatlantic Holdings, Inc., reducing its holdings in the company to 14 percent and netting the New York-based insurer $1.14 billion.

AIG said the stocks, now owned by its subsidiary American Home Assurance Co., would enable AIU Holdings, Inc., the spin-off of AIG’s property-casualty business “to monetize part of its investment in Transatlantic and improve the quality of its capital and help position AIU Holdings for continued success.”

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