American International Group, New York, closed its acquisition of American General Corporation, Houston, on Aug. 29, just a day after it received its final state approval for the deal it originally announced in April.
The Texas Department of Insurance approved the acquisition, valued at $23 billion, on Tuesday.
With American General, AIG acquires the third-largest writer of annuities, the leading issuer of fixed annuities and the second-largest issuer of life insurance in the U.S.
American Generals stockholders approved AIGs bid Aug. 15 and will get 0.5790 of a share of AIG common stock, valued at $46, in exchange for each share of American General common stock.
AIG Chairman Hank Greenberg said one of the first orders of business for the newly expanded company will be to identify and plan revenue-enhancement programs.
“We will begin immediately to implement these programs and are enthusiastic about realizing the benefits of bringing American General into the AIG family,” he said.