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ALICO
AIG moving forward with separation of Alico. Alico placed in special purpose vehicle.
New York, 12/01/2009
American International Group, Inc. (AIG) today announced that it has closed a transaction with the Federal Reserve Bank of New York (FRBNY) positioning American Life Insurance Company (ALICO), a leading international life insurance franchise, for an initial public offering or third party sale, depending on market conditions and subject to customary regulatory approvals.
In connection with the transaction, AIG has contributed the equity of ALICO to a special purpose vehicle (SPV) in exchange for interests in the SPV. The FRBNY has received preferred interests in the ALICO SPV while AIG holds all of the common interests in the ALICO SPV.
“This action underscores ALICO’s move toward independence and complements the substantial progress we have achieved this year in repositioning ALICO and reinvigorating the brand in all markets,” said Rodney O. Martin, Jr., ALICO Chairman and Chief Executive Officer. “Securing the value of this well-capitalized global insurer is in the best interests of policyholders, distribution partners, and the American taxpayer. We are very excited to begin this new chapter in the life of one of the world’s leading international life insurance companies.”
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