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Group assembled to sell AIG's assets

Sept. 18, 2008 at 11:25 AM   |   Comments

NEW YORK, Sept. 18 (UPI) -- New York and Pennsylvania insurance regulators will work with American International Group Inc. to unload the firm's insurance assets, officials said.

The U.S. government seized control of AIG Wednesday and now owns 79.9 percent of the company. The Federal Reserve also loaned the insurance giant $85 billion to keep AIG from floundering.

AIG is expected to sell insurance assets to pay off the two-year federal loan, Business Insurance reported Thursday.

New York Insurance Superintendent Eric Dinallo, who will head the working group, said the federal bailout would help AIG manage "rational sales." In an interview on CNBC, Dinallo said he expected "extremely strong" interest in the company's assets.

Pennsylvania Insurance Commissioner Joel Ario will serve as the working group's vice chair, Business Insurance reported.

© 2008 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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