AIG in accelerated share repurchase
American International Group Inc has entered into an accelerated share repurchase agreement with Citibank, N.A. to repurchase $500 million of AIG’s common stock.
It is part of AIG’s existing share repurchase authorisation of $2 billion announced a year ago.
AIG has offices in Bermuda, and its chief executive officer is Bermudian-born Brian Duperreault.
Mr Duperreault said: “We remain committed to delivering long-term sustainable value to all of our stakeholders.
“While AIG 200, investing in our businesses and reducing leverage are key components of our capital management strategy, we continue to be mindful of the importance of deploying capital through a balanced approach that also includes returning capital to investors.
“As a result, in addition to our recently announced redemption of $350 million of 4.35 per cent callable notes due 2045, we are proceeding with this $500 million share buyback.”
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