American International Group, Inc. (AIG) Financial News - UPDATE 1-Aercap to sell Aeroturbine unit to ILFC for $228 mln

American International Group, Inc. (AIG)

UPDATE 1-Aercap to sell Aeroturbine unit to ILFC for $228 mln

Keywords: MattDriskill
Quote: 14, 2011, the company said. "Aercap expects to use the capital released from the sale of AeroTurbine to pursue transactions that will generate long term value for our shareholders," Aercap's chief executive, Aengus Kelly, said in a statement. ILFC, an aircraft leasing unit of insurer American International Group , said in a separate statement that the purchase of AeroTurbine will allow the company to realize more value from its fleet portfolio. Miami-based AeroTurbine focuses on engine leasing and trading, airframe and engine disassembly.(Reporting by Sakthi Prasad in Bangalore; Editing by Matt Driskill)...
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American International Group, Inc. Stock Summary

American International Group, Inc., through its subsidiaries, provides insurance and financial services in the United States and internationally. It operates in four segments: General Insurance, Life Insurance and Retirement Services, Financial Services, and Asset Management. The General Insurance segment underwrites various business insurance products, including large commercial or industrial property insurance, excess liability, inland marine, environmental, workers? compensation, and excess and umbrella coverages. It also offers various specialized forms of insurance, such as aviation, accident and health, equipment breakdown, directors and officers liability, difference-in-conditions, kidnap-ransom, export credit and political risk, and professional errors and omissions coverages. In addition, this segment provides property and casualty reinsurance products to insurers; automobile insurance products; residential mortgage guaranty insurance products; and commercial and consumer lines of insurance products. The Life Insurance and Retirement Services segment offers individual and group life, payout annuities, endowment, and accident and health policies, as well as retirement savings products consisting of fixed and variable annuities. The Financial Services segment provides commercial aircraft and equipment leasing, capital market operations, consumer finance, and insurance premium financing. The Asset Management segment offers investment-related services and investment products to individuals, pension funds, and institutions. The company was founded in 1967 and is based in New York, New York.