American International Group (NYSE: AIG) announced Tuesday that the company has sold its Canadian mortgage insurance business to a private investor group, according to Associated Press.
The investor group is headed by Ontario Teachers' Pension Plan.
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AIG United Guaranty Mortgage Insurance Company Canada, a leading mortgage provider in Canada, has recorded assets of about $264 million.
Teachers' Private Capital is the private investment department of the Ontario Teachers' Pension Plan, the largest single-profession pension plan in Canada. It is an independent corporation responsible for investing the fund's assets and administering the pensions of Ontario's 284,000 active and retired teachers.
The recent news is the latest in AIG’s vision to trim down its assets after receiving $25 billion in bailout funds from the government. The company said last month that it will give the government preferred equity stakes in two of its life insurance companies, American International Assurance Co. and American Life Insurance Co.
As of Sept. 30, AIG had tapped $122.31 billion of the bailout package and owed the government $85.66 billion in loans. The separation of AIA and Alico would reduce the outstanding aid package to $97.31 billion and the amount owed in loans to $60.66 billion.
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