AIG returns with $193m PICC P&C block

US insurer ended 13 years of stock ownership in PICC’s property and casualty arm by executing its fourth block sale on Saturday.

American Insurance Group capitalised on a strong rally in the US stock market to sell its remaining stake in Chinese insurer PICC Property Casualty for HK$1.5 billion $193 million through a block trade over the weekend.

For the second time this year, AIG launched a trade on a Saturday to avoid potential volatility going into the following week. The US insurer sold $1.25 billion worth of PICC PC shares over one weekend in April, marking its third selldown since acquiring a 9.9% stake in 2003.

This time round, AIG was able to achieve better terms compared to the April transaction, partly because the broader...

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