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AIG plans to sell $20 bln of assets

Deals

American International Group plans a $20 billion asset sell-off as it fights to correct a slump in its shares and braces for the impact of Hurricane Ike, a newspaper said.

The newspaper, without citing sources, said details of the plan could come as early as Monday. It said assets under the hammer included Transatlantic Holdings, AIG’s New York-listed reinsurance group, and that Europe’s Swiss Re and Munich Re were potential buyers. AIG and Swiss Re could not immediately be reached for comment. Munich Re declined to comment.

A source familiar with developments said on Friday that AIG could announce details of its turnaround plan much sooner than expected, including possible asset sales and how it will shore up capital. (Reuters)

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