Another day, another deal for AIG … although this time, the movement is on the life side. The insurer today completed the sale of a majority of the U.S. life insurance premium finance business of AIG Credit Corp. and A.I. Credit Consumer Discount Co. (A.I. Credit) to First Insurance Funding Corp. (FIFC).
FIFC, a subsidiary of Wintrust Financial Corp., made the purchase for approximately $679.5 million in cash. If certain conditions are met, FIFC will purchase specified additional life insurance premium finance assets for $61.2 million.
A.I. Credit is a provider of insurance premium financing products in North America. A.I. Credit’s lending products enable individuals and businesses to obtain insurance while retaining their capital for other purposes.
Yesterday, INN reported that AIG’s property/casualty business rebranded under the name Chartis. The new moniker will be used in place of most property/casualty branding in an effort to distance itself from the AIG brand, and underscores the company’s successful 90-year history as a successful global pioneer that is able to guide clients to customized solutions, according to a written statement.
The new unit also said that with its own brand and management team, and a well-capitalized and focused portfolio of businesses, the company will now benefit from a better-defined, more distinct role in the marketplace.
The insurer's recent flurry of activity may potentially be what elevated its stock 3.6% to $13.47 in afternoon trading on the New York Stock Exchange.
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