NEW YORK ( TheStreet) -- American International Group ( AIG) 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), Wells Fargo ( WFC) and Bank of America ( BAC) 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.

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