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AIG Looks to Diversify, While The Hartford Consolidates
July 30, 2012
[ by Melanie Gretchen ]
American International Group Inc. apparently is looking to expand its diversification, beyond its formidable lines of insurance. The company currently is negotiating to buy an independent broker-dealer business from Hartford Financial Services Group Inc., one of its insurance rivals. The Hartford is moving in the opposite direction from AIG, as it seeks to divest itself of numerous businesses, according to people familiar with the matter.
Another Man's Gain. Hartford has been criticized by one of its largest shareholders - Paulson & Co., which over the past year has demanded that Hartford improve its stock price. The parties – AIG and Hartford – hope to close the deal by early August, but it's always possible for the talks to fall apart. [WSJ, 7/23/12]
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