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.
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