AIG Announces Exercise Of Underwriter’s Option In Its Secondary Offering Of Shares In Transatlantic Holdings, Inc.
NEW YORK - American International Group, Inc. (AIG) announced today that the underwriters of the previously announced public offering of 26 million shares of Transatlantic Holdings, Inc. (NYSE: TRH) common stock owned by AIG and its subsidiary, American Home Assurance Company (AHAC), have exercised their option to purchase an additional 3.9 million shares. As a result, AIG and AHAC will sell a total of 29.9 million shares for aggregate gross proceeds of $1.136 billion. TRH will not receive any of the proceeds from the secondary offering.
The secondary offering was made through a syndicate of underwriters, led by J.P. Morgan Securities Inc., Goldman, Sachs & Co., and Morgan Stanley & Co. as joint book-running managers with Lazard Capital Markets LLC as co-lead underwriter. Dowling & Partners and Fox-Pitt Kelton Cochran Caronia Waller acted as co-managers of the offering.
At the close of the secondary offering AHAC owns 9,192,662 common shares of Transatlantic Holdings, Inc. representing approximately 13.9 percent of Transatlantic Holdings Inc.’s common shares issued and outstanding.
American International Group, Inc. (AIG), a world leader in insurance and financial services, is the leading international insurance organization with operations in more than 130 countries and jurisdictions. AIG companies serve commercial, institutional and individual customers through the most extensive worldwide property-casualty and life insurance networks of any insurer. In addition, AIG companies are leading providers of retirement services, financial services and asset management around the world. AIG’s common stock is listed on the New York Stock Exchange, as well as the stock exchanges in Ireland and Tokyo.
Source: American International Group, Inc.
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