BRIEF-AIG to sell stake in Ascot Lloyd's syndicate to Canada Pension Plan Investment Board

Fri Sep 16, 2016 8:27am EDT
 
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Sept 16 (Reuters) - American International Group Inc :

* Total consideration for deal is $1.1 billion

* AIG will receive approximately $240 million in net cash proceeds from transaction

* Says as part of agreement, AIG, CPPIB, and Ascot intend to expand a collective commercial relationship in Bermuda

* Says will receive approximately $240 million in net cash proceeds from transaction after fal recapitalization

* Says will be a preferred reinsurer to Syndicate 1414

* AIG agrees to sell stake in Ascot Lloyd's syndicate, maintains strategic relationship with Ascot in Bermuda

* Deal for $1.1 billion

* AIG will maintain its strategic partnership with Ascot Underwriting Bermuda Ltd.

* Agreement to sell interest in AUHL and subsidiary Ascot Corporate Name Ltd to Canada Pension Plan Investment Board Source text for Eikon: Further company coverage: