Friday, September 22, 2017

AIG selling US$2bn life settlements portfolio

A US$2-billion portfolio of life settlements of the AIG that would pay out when sick or elderly policyholders die is up for sale, according to sources with knowledge on the matter.

In carrying out its plan to unload the assets, AIG is now working with investment bankers from Goldman Sachs, the sources said.

One of the parties interested in buying some of the policies is Apollo Global Management, one of the sources said.

In previous transactions, parties like Blackstone have bought similar life settlements from AIG.

Although AIG has not issued a statement regarding the development, its spokesman Kenneth Juarez said the company is committed to its core life insurance business.

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