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: American International Group Inc, once the world’s largest insurer, is being dismantled by Asian and European buyers spurred by the plunge in the dollar and a dearth of US bidders.
More than 90%of $9 billion in assets AIG agreed to sell since its bailout last year have non-US acquirers, according to a Bloomberg analysis. AIG’s rival US insurers have been hobbled by more than $90 billion in credit losses and writedowns since 2007. The index that Intercontinental Exchange Inc uses to track the dollar against currencies including the euro, yen and Swiss franc reached a 14-month low last week.
“You have a weak dollar combined with the availability of quality assets at discounted values,” Hector Cuellar, president of McGladrey Capital Markets LLC, the Costa Mesa, California investment bank, said in an interview. “It’s the perfect storm for the foreign buyer, and they’ll continue to have the advantage over domestic players.” AIG is selling assets to repay loans included in its $182.3 billion bailout package.
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