American Intl Group Inc - AIG STOCK NEWS

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).

AIG announced plans to consolidate and expand its Atlanta operations by relocating its Alpharetta and Buckhead facilities to a new innovation hub in Brookhaven, Georgia. The company will create more than 600 new local jobs over the next five years, focusing on roles in underwriting, claims, operations, data engineering, and AI. The 180,000-square-foot LEED Gold certified facility will triple AIG's current office space to accommodate over 1,000 colleagues. The new hub, planned to open in 2026, aims to incubate digital capabilities, test new processes, and enhance collaboration across functions to accelerate innovation and growth in AIG's core businesses.

American International Group, Inc. (NYSE: AIG) has announced its plan to redeem all outstanding Zero Coupon Callable Notes Due 2047 on November 22, 2024. The redemption price will be 135.631% of the face amount of the Notes outstanding on the Redemption Date. As of October 21, 2024, the outstanding face amount of the Notes was $400,000,000.

AIG clarifies that this press release is not an official notice of redemption. Holders of the Notes should refer to the formal notice of redemption delivered by The Bank of New York Mellon, the trustee for the Notes. The company also notes that certain statements in the press release regarding the completion of the redemption are forward-looking statements.

American International Group (NYSE: AIG) has announced it will release its third quarter 2024 financial results on Monday, November 4, 2024, after the market closes. The company will make its press release and financial supplement available on the Investors section of its website at https://www.aig.com.

Following the release, AIG will host a conference call on Tuesday, November 5, 2024, at 8:30 a.m. ET to review the results. The public can access this live, listen-only webcast through the Investors section of AIG's website. A replay of the call will be made available at the same location after the event concludes.