American International Group, Inc. - AIG STOCK NEWS

AIG has announced the results of its 12 separate tender offers to purchase outstanding notes, increasing the Maximum Purchase Consideration from $750 million to $1.16 billion. The offers expired on December 12, 2024, with $2,019,902,000 combined aggregate principal amount validly tendered and an additional $19,333,000 tendered through Guaranteed Delivery Procedures.

Overall, $1,134,194,000 combined aggregate principal amount of Notes have been accepted for purchase. The Maximum Purchase Condition was satisfied for notes with Acceptance Priority Levels 1-6, 8, and 10, while notes with Priority Levels 7, 9, and 11-12 were not accepted and will be returned to holders.

Settlement dates are set for December 16, 2024 (Initial) and December 18, 2024 (Guaranteed Delivery).

AIG (NYSE: AIG) has announced pricing terms for its tender offers to purchase outstanding notes for cash up to a maximum of $750 million aggregate amount. The tender offers cover 12 different series of notes with varying acceptance priority levels, interest rates, and maturities. The Total Consideration for each series was calculated based on fixed spreads plus reference security yields.

The offers will expire at 5:00 p.m. Eastern time on December 12, 2024. The Initial Settlement Date is expected to be December 16, 2024, with a Guaranteed Delivery Settlement Date of December 18, 2024. Holders whose notes are accepted will receive the Total Consideration plus accrued interest.

BofA Securities and Citigroup Global Markets are serving as Lead Dealer Managers for the tender offers.

AIG has completed the sale of approximately 120 million shares of Corebridge Financial common stock to Nippon Life Insurance Company. The transaction was executed at $31.47 per share, resulting in a total purchase price of $3.8 billion. This sale represents a 21.6% ownership stake in Corebridge. The transaction was facilitated by J.P. Morgan Securities as financial advisor and Wachtell, Lipton, Rosen & Katz as legal counsel.

AIG (NYSE: AIG) has announced 12 separate cash tender offers to purchase outstanding notes for up to $750 million aggregate amount. The offers target various series of notes with different acceptance priority levels, ranging from 8.175% to 4.200% interest rates and maturities from 2028 to 2058.

The offers are scheduled to expire on December 12, 2024, at 5:00 p.m. Eastern time. Holders who tender their notes will receive the Total Consideration based on fixed spreads plus reference security yields, along with accrued interest. The Initial Settlement Date is expected to be December 16, 2024, with a Guaranteed Delivery Settlement Date of December 18, 2024.

AIG has completed the sale of its global individual personal travel insurance and assistance business, including Travel Guard, to Zurich Insurance Group on December 2, 2024. The transaction, which was initially announced in June 2024, excludes operations in Japan, AIG's joint venture in India, and travel coverages offered through AIG's Group Accident & Health business. Evercore Group served as financial advisor, while Willkie Farr & Gallagher and Norton Rose Fulbright provided legal counsel for AIG.

AIG has appointed Christopher Schaper as permanent Chief Risk Officer, effective immediately, after serving in the role on an interim basis since September 2024. Schaper, who will report to CEO Peter Zaffino, will oversee AIG's global Enterprise Risk Management organization while temporarily maintaining his position as Global Chief Underwriting Officer until a successor is appointed. Schaper joined AIG in 2019 and became Global Chief Underwriting Officer in 2023, having previously served as CEO of AIG Re, Validus Re, and AlphaCat. His experience includes senior leadership roles at Marsh McLennan, Montpelier Re, Endurance Specialty Insurance, and GE Capital.

Corebridge Financial (NYSE: CRBG) announced the pricing of a secondary offering by American International Group (AIG) at $31.20 per share. AIG is offering 30 million existing shares, representing approximately $936 million in gross proceeds, with an option for underwriters to purchase an additional 4.5 million shares within 30 days. The offering, expected to close on November 12, 2024, represents a portion of AIG's approximately 568 million total outstanding shares. J.P. Morgan and Morgan Stanley are serving as underwriters, with all net proceeds going to AIG.

AIG has appointed Courtney Leimkuhler to its Board of Directors as an independent Director, effective November 5, 2024. Leimkuhler, co-founder and Managing Partner of venture fund Springbank, brings extensive experience from Goldman Sachs, NYSE Euronext, and MarshMcLennan. At NYSE Euronext, she served as Head of Corporate Strategy and M&A, helping transform the organization from nonprofit to a leading public exchange. She later served as CFO of Marsh, a global corporate insurance broker. Her expertise spans financial services, insurance, data analytics, and technology investments.

AIG reported strong Q3 2024 results with General Insurance net premiums written of $6.4 billion, showing a 6% increase on a comparable basis. Global Commercial Lines achieved 7% growth with $4.5 billion in net premiums written, led by 11% growth in North America Commercial Lines. The company reported net income per diluted share of $0.71, while adjusted after-tax income per diluted share increased 18% to $1.23. Notable achievements include $1.1 billion in new business written, a combined ratio of 92.6%, and return of approximately $1.8 billion to shareholders through stock repurchases ($1.5 billion) and dividends ($254 million).