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(Reuters) — United Guaranty Corp., the mortgage insurance unit of American International Group Inc., filed for an initial public offering of up to $100 million with U.S. regulators as part of a previously announced move to spin off the business.
AIG announced in January it would spin off the unit in an attempt to overhaul its operational structure in the face of pressure from investor Carl Icahn that the insurer split into three parts. AIG had said it would sell up to a 19.9% stake in United Guaranty.
In February, AIG said it would add Mr. Icahn representative and billionaire John Paulson to its board, averting a boardroom fight.
JPMorgan Chase & Co. and Morgan Stanley are among those underwriting the IPO, the company said in a preliminary prospectus filed with the U.S. Securities and Exchange Commission.
United Guaranty plans to list its shares on the NYSE.
Breaking American International Group Inc. into separate property/casualty, life and mortgage insurance units might be good for shareholders, but not necessarily for risk managers.