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A deep dive into how advisors can best serve the evolving needs of their wealthiest clients
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Anticipate your clients' tax questions on Social Security, annuities and a range of investment products
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Anticipate your clients' tax questions on Social Security, annuities and a range of investment products
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A deep dive into how advisors can best serve the evolving needs of their wealthiest clients
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Anticipate your clients' tax questions on Social Security, annuities and a range of investment products
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Go deeper on emerging topics, as well as key firms and thought leaders
A deep dive into how advisors can best serve the evolving needs of their wealthiest clients
Tax Facts
Anticipate your clients' tax questions on Social Security, annuities and a range of investment products
Popular Financial Topics
Go deeper on emerging topics, as well as key firms and thought leaders
April 03, 2009 at 08:00 PM
American International Group Inc. has raised about $1 billion by selling a life unit and a property-casualty unit.
AIG, New York, sold AIG Life of Canada, Toronto, to the Bank of Montreal, Montreal, which does business as BMO Financial Group, for $263 million.
In January, AIG said it hoped BMO would $308 million for the Canadian life operations.
AIG Life of Canada sells whole life insurance, universal life insurance, term life insurance, critical illness insurance and immediate annuities.
In January, AIG said AIG Life of Canada had about 300 employees, 400,000 customers and relationships with about 5,000 brokers. BMO’s BM Nesbitt Burns Financial Services Inc. unit has 74 branches and about 1,400 financial advisors.
BMO said it would combine the operations of AIG Life of Canada with its own operations over the next 6 to 12 months.
AIG raised $739 million by selling a second business, Hartford Steam Boiler, to M?nchener R?ckversicherungs-Gesellschaft A.G., Munich, Germany. Munich Re also is assuming $76 million in outstanding Hartford Steam Boiler capital securities, AIG says.
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