American International Group, Inc. (AIG) today announced that it has completed the sale of a majority of the U.S. life insurance premium finance business of AIG Credit Corp. and A.I. Credit Consumer Discount Company (A.I. Credit) to First Insurance Funding Corp. (FIFC), a subsidiary of Wintrust Financial Corporation of Lake Forest, Illinois, for approximately $679.5 million in cash. If certain conditions are met, FIFC will purchase certain specified additional life insurance premium finance assets for $61.2 million.
A.I. Credit is a leading provider of insurance premium financing products in North America. A.I. Credit’s lending products enable individuals and businesses to obtain insurance while retaining their capital for other purposes.
The property-casualty premium finance business of A.I. Credit is not included in the transaction.
Blackstone acted as financial advisor to AIG on this transaction.
