Report: AIG mulls folding some of its mortgage insurance units

American International Group Inc. is considering closing down parts of its mortgage insurance unit following a failure to offload it, Bloomberg reported.
MAY 01, 2009
American International Group Inc. is considering closing down parts of its mortgage insurance unit following a failure to offload it, Bloomberg reported. As the New York-based carrier tries to sell off its businesses to repay the federal government, pieces of Greensboro, N.C.-based United Guaranty Corp., its mortgage insurer, may be shut down if buyers aren’t interested, insiders told Bloomberg. The unidentified sources told Bloomberg that AIG is working with McKinsey & Co. of New York to assess its options for operating units that it plans to sell. So far, AIG has managed to sell off about $4.4 billion in assets since the federal government threw it a lifeline last fall. Public aid to AIG has added up to $182.5 billion. United Guaranty has been plagued with losses in recent quarters, racking up an operating loss of $485 million in the fourth quarter and $2.48 billion for full-year 2008. Calls to AIG weren’t immediately returned.

Latest News

US fintech investment tops $80bn in H1 2026, driven by mega-deals
US fintech investment tops $80bn in H1 2026, driven by mega-deals

KPMG's Pulse of Fintech report finds American dealmaking dominated global totals, with AI and payments consolidation reshaping where capital flows.

Advisor says retirement plan defaults still target an average
Advisor says retirement plan defaults still target an average

ERISA Investment Fiduciary Philip Chao says most retirement plans use target date funds as a one-size-fits-all default that ignores individual circumstances

Ex-broker in Florida gets more than six years for stealing $2 million from senior
Ex-broker in Florida gets more than six years for stealing $2 million from senior

Eric J. Stone was fired by Fidelity in 2021 after facing claims he took loans from clients.

Vistria takes majority stake in Curi Capital in fresh RIA deal
Vistria takes majority stake in Curi Capital in fresh RIA deal

Chicago-based Curi Capital gets new majority owner as $14 billion RIA eyes acquisitions and expanded family office services

WealthReach, VastAdvisor tie-up takes aim at advisors' cold outreach problem
WealthReach, VastAdvisor tie-up takes aim at advisors' cold outreach problem

Partnership pairs organic lead detection with paid ad targeting to help end "spray-and-pray" marketing for growth-seeking advisory firms.

SPONSORED Direct indexing webinar targets tax-loss harvesting amid market swings

Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains

SPONSORED Who builds the income when the pension disappears?

Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income