AIG in talks to sell Lloyd's insurance business to CPPIB: WSJ
- Wall St. touches two-week high on deals, strong earnings
- AT&T (T) to Acquire Time Warner (TWX) for $107.50/Share
- Rockwell Collins (COL) to Acquire B/E Aerospace (BEAV) for $6.4B
- TD Ameritrade (AMTD) to Acquire Scottrade in $4B Cash & Stock Deal
- Pre-Open Stock Movers 10/24: (BEAV) (JPEP) (HLT) Higher; (BAS) (INO) (ADRO) Lower (more...)
The AIG logo is seen at its building in New York's financial district March 19, 2015. REUTERS/Brendan McDermid
Get access to the best calls on Wall Street with StreetInsider.com's Ratings Insider Elite. Get your Free Trial here.
(Reuters) - American International Group Inc (NYSE: AIG) is in early talks to sell Lloyd's of London Ltd's [SOLYD.UL] insurance operations to Canada Pension Plan Investment Board (CPPIB), the Wall Street Journal reported on Tuesday.
If the deal comes through, it could fetch the insurance conglomerate hundreds of millions of dollars in proceeds, the Journal reported, citing people familiar with the matter. (http://on.wsj.com/2bfo1gj)
CPPIB is also in talks to buy a related reinsurance company based in Bermuda, the WSJ reported.
AIG and CPPIB declined to comment.
AIG, the largest commercial insurer in North America, has been cutting jobs and trying to restructure its business as part of a sweeping overhaul promised to shareholders to fend off activist investor Carl Icahn, who had urged the company to break into three.
The insurer said last week that it would sell its mortgage-guaranty unit to Arch Capital Group Ltd (NASDAQ: ACGL) for about $3.4 billion.
The CPPIB, which manages Canada's national pension fund, had said earlier this month that Britain's decision to leave the European Union had curbed gains in its investments during the latest quarter would create more uncertainty down the line.
(Reporting by Nikhil Subba in Bengaluru; Editing by Shounak Dasgupta and Savio D'Souza)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Schneider Electric Refutes Rumors Related to Rockwell Automation (ROK)
- Time Warner (TWX) CEO says no one else has approached the company
- DuPont (DD), Dow Chemical (DOW) Said Expected to Get Formal EU Objections - Bloomberg, Citing MLEX
Create E-mail Alert Related CategoriesMergers and Acquisitions, Reuters, Rumors
Related EntitiesCarl Icahn, Layoffs
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!