Insurer American International Group Inc. eliminated the U.S. government’s last financial interest in the company on Friday, buying back warrants from the U.S. Treasury for about $25 million.
The government rescued ÌìÃÀÍøÕ¾´«Ã½´«Ã½ at the depths of the financial crisis as the insurer teetered on the brink of bankruptcy. The bailout ultimately totaled $182 billion, and when all was said and done the Treasury owned more than 90 percent of the company.
The Treasury sold the last of that stock last year but still held some warrants. ÌìÃÀÍøÕ¾´«Ã½´«Ã½ said Friday it had repurchased all of them. They had originally been issued in 2008 and 2009.
“The U.S. Treasury does not have any residual interest in ÌìÃÀÍøÕ¾´«Ã½´«Ã½ after ÌìÃÀÍøÕ¾´«Ã½´«Ã½’s repurchase of these warrants,” the company said in a statement.
ÌìÃÀÍøÕ¾´«Ã½´«Ã½ shares fell 0.5 percent to $37.81 in afternoon trading.
Topics USA ÌìÃÀÍøÕ¾´«Ã½´«Ã½
Was this article valuable?
Here are more articles you may enjoy.
Nationwide: Consumers Say Insurance Should Evolve for Micromobility Vehicles
Hedge Fund Money Is Reshaping a 180-Year-Old Insurance Model
Three Sentenced in Bear-Suit Attacks Insurance Fraud Case
Florida Needs More – Much More – Wind Mitigation, Say Experts at OIR Summit 

