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AIG TO SELL MAJORITY STAKE IN FORTITUDE RE TO T&D HOLDINGS AND CARLYLE; STOCK RISES - Capital Street FX

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    • AIG TO SELL MAJORITY STAKE IN FORTITUDE RE TO T&D HOLDINGS AND CARLYLE; STOCK RISES
26-Nov
19:58 IST

In the Premarket trading session on Tuesday, AIG’s stock was trading at 53.64- higher by 0.62% as compared to its previous close.

The insurance company said on Monday that it would sell a 76.6% stake in the Fortitude Re reinsurance company to Carlyle Group and Japan’s T&D holdings for about $1.8 billion. After the deal closes, AIG’s stake in the company will decline to 3.5% from around 80%. Carlyle and its fund investors will own 71.5% of Fortitude Re compared to 19.9% before the deal. T&D will own 25% of Fortitude Re. The transaction is expected to close by the mid of the next year. Gallagher and Willkie Farr served as legal adviser to the U.S. insurer.

American International Group released its earnings for the third quarter earlier this month. The insurance company missed market expectations for the quarterly profit after a difficult catastrophe loss period and a review of assumptions it has used to write life insurance policies.

On the technical front, the current price is above the MA5. The current price is below the middle line of the Bollinger Bands but is heading upwards. The stock is expected to trade higher today.

 

TRADE SUGGESTION- LIMIT BUY AT 53.55 TAKE PROFIT AT 53.95 STOP LOSS AT 53.35

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