AIG will pay $2 bil for Sandy

Investor's Business Daily

Shares of the insurer fell on Hurricane Sandy damages, and a lower-than-expected price it got for its aircraft leasing business. American Int'l Group (AIG) said late Fri. it expects to pay about $2 bil in claims for Sandy, which devastated parts of New York and New Jersey. After reinsurance partly covers it, AIG will pay about $1.3 bil. Meanwhile, the U.S. gov't said Mon. it's selling its remaining 234.2 mil AIG shares, all that's left of its $182.3 bil bailout, the largest gov't bailout package. Shares fell 2.3% to 33.36.

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