NEW YORK (

TheStreet

) --

American International Group

(AIG) - Get Report

Tuesday completed the sale of its stake in reinsurer

Transatlantic Holdings

(TRH)

for gross proceeds of $452 million.

AIG priced the secondary offering of 8.5 million TransRe shares at $53.35 apiece

last week.

TransRe repurchased 2 million of the shares, while the rest was sold to the public. Underwriters

Goldman Sachs

(GS) - Get Report

,

Wells Fargo

(WFC) - Get Report

and

Bank of America

(BAC) - Get Report

still have the option to acquire 725,969 additional shares over the next 30 days.

In late-morning trading, AIG shares were up 2.5% at $35.19 while TransRe was down 2 cents at $52.40.

--

Written by Lauren Tara LaCapra in New York

.