AIG to repay $6 billion to U.S. government following AIA share sale

American International Group Inc. (AIG) will use $6 billion following the sale of AIA Group Ltd. shares to repay some of the $182.3 billion in bailout funds it received from the United States government. According to a sales document, this insurance company, based in New York, is majority owned by the government, and is selling approximately 1.7 billion shares of AIA at between HK $27.15 and HK $27.50 per share, to unidentified institutional investors. The same document revealed that approximately 19 percent of the AIA stock will still be held…

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April tornados cause more than $2.2 billion in damage, according to Alabama insurance officials

The Alabama Department of Insurance has released the latest numbers concerning insured losses from the tornado outbreak in April of last year. A series of devastating tornados hit the state in late April, causing large amounts of damage to homes, businesses, automobiles and claiming a number of lives. The latest estimates of damage do not account for the claims paid through surplus insurance lines from companies like Lloyd’s of London. The estimates only concern insurance payouts that come from insurers regulated by the state. According to the Department of Insurance,…

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