Business Services Industry
Report: AIG planning its own credit insurance operation. (American International Group Inc.)
Business Insurance, March, 1998 by McLeod, Douglas
NEW YORK - American International Group Inc. is reportedly planning to start a new credit insurance operation after losing an acrimonious bidding war for American Bankers Insurance Group. AIG Chairman Maurice R. Greenberg said last week that AIG intends to be in the credit insurance business and could build a competitor equal to American Bankers within five years, the Bloomberg News Service reported.
An AIG spokesman declined to comment further on the company's plans. Meanwhile, winning bidder Cendant Corp. last week extended its $67-a-share cash tender offer for 51% of American Bankers stock by one week to April 6. The offer originally was set to expire last Friday. Under the terms of its $3.1 billion deal for American Bankers, Cendant will buy 51% of the...
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