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AIG

AIG

$60.29

0.43 (0.72%)

, FRFHF

Fairfax Financial

$553.45

5.2267 (0.95%)

08:12
10/18/16
10/18
08:12
10/18/16
08:12

AIG to sell certain Latin American, Central and Eastern Europe operations to Fairfax Financial

American International Group (AIG) announced that it has entered into several agreements with Fairfax Financial Holdings Limited (FRFHF) as part of a strategic partnership that will further focus and streamline AIG's global insurance operations. As part of these agreements, AIG will sell to Fairfax its local commercial and consumer insurance operations in Argentina, Chile, Colombia, Uruguay, Venezuela, and Turkey. Fairfax will also acquire renewal rights for the portfolio of local business written by AIG's Central and Eastern European operations in Bulgaria, Czech Republic, Hungary, Poland, Romania, and Slovakia, and assume AIG's CEE operating assets and employees. Total cash consideration is approximately $240 million. Each transaction is subject to relevant regulatory approvals. The divestiture furthers AIG's strategic goal of focusing its geographic footprint and investment in major economies that offer the greatest potential for profitable growth and the opportunity for AIG's commercial or consumer insurance divisions to achieve and maintain scale. At the same time, AIG is committed to maintaining and enhancing multinational capabilities for individuals and companies that operate globally.

AIG

AIG

$60.29

0.43 (0.72%)

FRFHF

Fairfax Financial

$553.45

5.2267 (0.95%)

  • 03

    Nov

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    Nov

AIG AIG
$60.29

0.43 (0.72%)

07/06/16
EVER
07/06/16
INITIATION
Target $62
EVER
Buy
AIG initiated with a Buy at Evercore ISI
Evercore ISI analyst Thomas Gallagher started AIG with a Buy rating and $62 price target.
08/08/16
GSCO
08/08/16
UPGRADE
Target $68
GSCO
Conviction Buy
AIG upgraded to Conviction Buy from Buy at Goldman
Goldman Sachs analyst Michael Nannizzi upgraded AIG to Conviction Buy saying the risk/reward is "increasingly attractive" following the company's "strong" Q2 results. The analyst expects margin expansion as the year progresses and has as $68 price target for the shares.
08/08/16
08/08/16
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. AIG (AIG) upgraded to Conviction Buy from Buy at Goldman with analyst Michael Nannizzi saying the risk/reward is "increasingly attractive" following the company's "strong" second quarter results. 2. 58.com (WUBA) upgraded to Buy from Sell at CLSA with analyst Man Ho Lam saying shares are down 21% year-to-date and reflect margin concerns and the unlocking of restricted shares. 3. Reynolds American (RAI) upgraded to Outperform from Underperform at CLSA with analyst Michael Lavery saying valuation is compelling relative to Altria (MO) and expects strong portfolio, share momentum, and multiple levers to drive earnings growth. 4. Merck (MRK) upgraded to Outperform from Neutral at Credit Suisse with analyst Vamil Divan upgrading the stock to Outperform and raised its price target to $73 following news that Bristol-Meyers' (BMY) CheckMate-026 study failed to meet its primary endpoint. 5. Monsanto (MON) upgraded to Buy from Neutral at Monness Crespi. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
10/07/16
FBCO
10/07/16
INITIATION
Target $60
FBCO
Neutral
AIG initiated with a Neutral at Credit Suisse
Credit Suisse analyst John Nadel initiated AIG with a Neutral and a $60 price target.
FRFHF Fairfax Financial
$553.45

5.2267 (0.95%)

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CHRS

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NRCIA

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CC

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