Sandy, a Sale and Another Sale
American International Group late on Friday announced that its "preliminary estimate" of losses from Hurricane Sandy would be $2.0 billion, net of reinsurance, or $1.3 billion after taxes. The company also said it expected to contribute $1 billion in capital to its AIG Property Casualty unit, after the unit had paid $2.4 billion in dividends to the holding company through the first three quarters of 2012. AIG also said on Friday that the P&C unit had $49.6 billion in capital and that the parent company had total equity of $102.4 billion. AIG on Monday announced a deal to sell "up to a 90% stake in International Lease Finance Corporation (ILFC), a non-core asset," to a group of investors led by Weng Xianding, the chairman of New China Trust Co. Ltd. for roughly $4.75 billion.
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