AIG to sell unit to Arch Capital for $3.4 billion

August 15, 2016 10:19 PM

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AIG to sell unit to Arch Capital for $3.4 billion

American International Group Inc (AIG.N) said on Monday it would sell its mortgage-guaranty unit to Arch Capital Group Ltd (ACGL.O) for about $3.4 billion.

AIG, the largest commercial insurer in the United States and Canada, said it would get $2.2 billion in cash, $250 million in Arch Capital's perpetual preferred stock and $975 million in non-voting common-equivalent preferred stock from the sale of United Guaranty Corp.

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