AIG Sells Insurance Financing Unit for $679.5 Million

American International Group Inc., the insurer bailed out by the U.S., sold a business that makes loans to wealthy life insurance buyers for about $679.5 million.

AIG sold a majority of the so-called premium finance business held by AIG Credit Corp. and A.I. Credit Consumer Discount Co. to Wintrust Financial Corp., the New York-based insurer said today in a statement. Wintrust, based in Lake Forest, Illinois, may buy additional assets for $61.2 million, the statement said...

Bloomberg: AIG Sells Insurance Financing Unit for $679.5 Million