AIG Completes GE Purchase
NU Online News Service, Aug. 29, 11:09 a.m. EDT?American International Group Inc. said it completed acquisition of GE's U.S.-based auto and home insurance business and the GE Edison Life Insurance Co. in Japan today.
New York City-based AIG said the transaction, first announced in June, is valued at between $2.1 and $2.2 billion
The GE property-casualty insurance companies acquired by AIG will operate together with AIG's Domestic Personal Lines subsidiaries, the carrier said.
The Japanese life insurance company will be renamed AIG Edison Life Insurance Company subject to Japanese regulatory approvals.
AIG said its companies have operated in Japan for more than 50 years. AIG's existing life insurance businesses operate there through American Life Insurance Company and AIG Star Life Insurance Co., Ltd.
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