Over the weekend, thanks to the abundance of snow in New England, I expected Monday morning to dawn with news of massive sales by retailers seeking to undo the damage of limited pre-Christmas weekend shopping.
I didn’t think AIG was a retailer, however.
From the newswires:
American International Group Inc. said Monday that it will sell its Hartford Steam Boiler unit to German reinsurer Munich Re for $742 million as the embattled New York-based insurer divests itself of units to pay back a U.S. government bailout loan.
The purchase price is considered well below HSB Group Inc.’s value — estimated at between $1 billion and $2 billion by the Financial Times.
Of course, normal estimates of value only apply when there are buyers in the market able of paying those amounts, and when the sellers aren’t so motivated.
