(Bloomberg) -- American International Group Inc. is seeking asmuch as $507 million through the sale of part of its holding inPICC Property & Casualty Co., China’s biggest non-lifeinsurer.
AIG, the largest commercial insurer in the U.S., is offeringabout 254 million shares of PICC at HK$15 ($1.93) to HK$15.48apiece, according to terms obtained by Bloomberg. The price rangerepresents a 2% to 5.1% discount to PICC’s closing price ofHK$15.80 in Hong Kong on Monday.
Foreign investors have been selling holdings in Chinese insurersas their shares surged on rising investment returns. Singapore’sstate investment company, Temasek Holdings Pte, cut its stake inPing An Insurance Group Co. in December.
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