AIG climbs on $3 bln unit sale to RenaissanceRe

RenaissanceRe Holdings

23/05/2023 13:39

** Shares of insurer American International Group Inc (AIG)
 AIG.N  rise 2.2% to $55.14 premarket on treaty reinsurance
business sale
    ** RenaissanceRe Holdings Ltd  RNR.N  says it would buy
AIG's  AIG.N  Validus Reinsurance Ltd and its consolidated
subsidiaries for nearly $3 bln
    ** RNR to buy AIG's unit for $2.74 bln in cash and $250 bln
in RNR's shares    
    ** As of last close, AIG had 723.75 mln shares outstanding
    ** The deal is set to close by Q3 of 2023 
    ** RNR's shares were down 2.12% at $185 before the bell
    ** Up to last close, AIG had fallen 15% YTD; RNR was up 2.6%
YTD

 (Reporting by Johann M Cherian in Bengaluru)
 ((johann.mcherian@thomsonreuters.com;))