Defense Base Act Compensation Blog

The Modern Day DBA Casualty

AIG Sells off Life Insurance Unit, but is keeping the lucrative unit that is bleeding the DBA claimants dry

Posted by defensebaseactcomp on March 20, 2010

The company is expected to keep Chartis, its larger property and casualty insurance company; two additional Japanese life insurers, and a handful of smaller, U.S.-based companies. They are very unlikely to be sold, according to a Treasury official.

AIG Sale Profitable  at  Huff Post

CHARLOTTE, N.C. — American International Group Inc. said Monday that it will sell its American Life Insurance Co. division for $15.5 billion to MetLife Inc. The government-approved deal, AIG’s second big asset sale in two weeks, will give the insurer more cash to repay the billions of bailout dollars it still owes the government.

The purchase expands MetLife’s presence in Japan and high-growth markets in Europe, the Middle East and Latin America. American Life Insurance, known as Alico, operates in more than 50 countries. MetLife currently offers services in 17 countries.

It also moves AIG closer to repaying taxpayers. As of Dec. 31, the company owed the Treasury and the Federal Reserve Bank of New York nearly $130 billion. AIG’s bailout package was originally worth up to $182.5 billion.

Met Life appears to be no less ruthless than AIG read here

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