Market Overview

American International Group (AIG) Seeks $2.2 Billion More From Treasury

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According to Bloomberg, American International Group (NYSE: AIG), the rescued insurer, drew $2.2 billion more from U.S. Treasury to strengthen its property-casualty unit.

The company owes $182.3 billion to the U.S. government and its CEO, Robert Benmosche, has said that the company would divest two life insurance businesses and build new businesses to repay the loans taken from the government.

The $2.2 billion were used to redeem securities that were held by the company's insurance subsidiaries. This will help the insurer boost liquidity and capital adequacy ratio.

 

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