NEW YORK--(BUSINESS WIRE)-- American International Group, Inc. (AIG) today announced that it has completed the sale of a majority of the U.S. life insurance premium finance business of AIG Credit Corp. and A.I. Credit Consumer Discount Company (A.I. Credit) to First Insurance Funding Corp. (FIFC), a subsidiary of Wintrust Financial Corporation of Lake Forest, Illinois, for approximately $679.5 million in cash. If certain conditions are met, FIFC will purchase certain specified additional life insurance premium finance assets for $61.2 million.

A.I. Credit is a leading provider of insurance premium financing products in North America. A.I. Credit's lending products enable individuals and businesses to obtain insurance while retaining their capital for other purposes.

The property-casualty premium finance business of A.I. Credit is not included in the transaction.


Blackstone acted as financial advisor to AIG on this transaction.

American International Group, Inc. (AIG), a world leader in insurance and financial services, is the leading international insurance organization with operations in more than 130 countries and jurisdictions. AIG companies serve commercial, institutional and individual customers through the most extensive worldwide property-casualty and life insurance networks of any insurer. In addition, AIG companies are leading providers of retirement services, financial services and asset management around the world. AIG's common stock is listed on the New York Stock Exchange, as well as the stock exchanges in Ireland and Tokyo.



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Source: American International Group, Inc.