American International Group, Inc. (NYSE: AIG) announced that is has successfully completed the previously announced sale of Validus Re to RenaissanceRe. AIG received total consideration of $3.3 billion in cash, including a pre-closing dividend, and approximately $275 million in RenaissanceRe common shares.
As disclosed in May 2023, AIG will retain Talbot Underwriting and Western World, which the company purchased as part of its acquisition of Validus Holdings, Ltd. in 2018.
Evercore Group L.L.C. and J.P. Morgan Securities LLC acted as financial advisors, and Wachtell, Lipton, Rosen & Katz and Debevoise & Plimpton LLP acted as legal counsel for AIG.