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AIG to sell Canadian life unit

Jeff Casale

January 13, 2009 Reprints

P/C Insurers AIG Canada More + Less -

TORONTOAmerican International Group Inc. said Tuesday it will sell its AIG Life Insurance Co. of Canada subsidiary to BMO Financial Group for $308 million in cash.

Montreal-based BMO Financial Group said acquiring the Toronto-based AIG unit will help strengthen its overall financial planning. AIG Life of Canada has approximately 300 employees and 400,000 customers.

The transaction is expected to close June 1, subject to regulatory approval.

J.P. Morgan Securities acted as financial advisor to New York-based AIG on the transaction, and Blackstone Advisory Services provided the insurer with financial advice as AIG works on its global restructuring program.

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AIG to sell Canadian life unit

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