American International Group has reduced its holdings in reinsurer Transatlantic Holdings, Inc., to 14 percent netting the New York-based insurer $1.14 billion as it continues to sell off its assets.
New York-based Transatlantic priced the sale of its common stock owned by AIG and the company's subsidiary American Home Assurance Co., at $38 per share.
AIG sold off a total of 29.9 million shares, initially selling 26 million shares with an option to its underwriters to purchase an additional 3.9 million of the company's stock, which they quickly exercised.
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