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.

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 non-trading day was extraordinary, not least because of the scale of the equity transaction. One, though, told FinanceAsia that AIG had few alternative options to execute the trade given Monday's Labour Day holiday...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222