UPDATE: AIG (AIG) Said Near Deal to Sell Mortgage Insurance Unit to Arch Capital (ACGL)

August 15, 2016 12:54 PM EDT

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(Updated - August 15, 2016 1:03 PM EDT)

AIG (NYSE: AIG) said near deal to sell mortgage insurance unit to Arch Capital Group Ltd (NASDAQ: ACGL), according to Dow Jones.

UPDATE - The report has the deal valued at around $3.4 billion.

An agreement between AIG and Arch Capital could be reached as soon as this week, though talks are still liquid and may not result in a deal.

AIG said earlier this year that it might move to IPO the mortgage insurance unit, known as United Guaranty. The unit has about 20 percent market share in the U.S.

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