American International Group, Inc. is commencing its previously announced plan to sell off its 24 percent stake in IPC Holdings Ltd. in a public offering.

AIG was one of the founding investors in the Bermuda-based reinsurer which formed in 1993 in the wake of Hurricane Andrew. AIG does not anticipate owning any shares of IPC?s common stock once it sells its 13.397 million shares, as long as the underwriters use their option to purchase up to 2 million shares to cover over-allotments. IPC will not receive any proceeds from the sale of the shares.

The bookrunner for the offering is Citigroup Corporate & Investment Banking. Morgan Stanley & Co. Incorporated is a joint-lead manager.