AIG fetches $1.25b from PICC P&C selldown

The US insurance giant executed its third selldown in the non-life insurance arm of PICC in Asia's largest block trade so far this year.

AIG fetches $1.25b from PICC P&C selldown

American Insurance Group stunned markets on Saturday with an accelerated bookbuild offering of shares in Chinese insurance firm PICC Property Casualty that raised a whopping HK$9.7 billion $1.25 billion.

In an unusual move the trade was launched on the first day of an extended three-day weekend, shortly after the Chinese insurer announced its first-quarter results on Friday.

Bankers familiar with the deal said that its execution on a...

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