AIG considers selling its 59% stake in Transatlantic Holdings Inc.

Transatlantic Holdings Inc. (NYSE: TRH) has established a special committee to evaluate proposals received from American International Group Inc. (“AIG”) related to the possible sale of AIG’s 59% common stock interest in the company.
Commenting on these actions, Robert F. Orlich, the chairman, president and CEO of Transatlantic Holdings, said: “The special committee is working with AIG to expedite the resolution of uncertainty surrounding AIG’s ownership interest in Transatlantic and is focused on achieving a resolution that will be in the best interests of the company’s public shareholders.”
Transatlantic noted in its statement that “there can be no assurance as to whether or when AIG will dispose of all or any portion of its interest in the company or whether or when the company will engage in any transaction.”
Orlich said the committee would be guided by the principles of maintaining the company’s global franchise and financial strength, perpetuating its “excellent” relationships with brokers and clients and retaining the strong ratings it has received from each of the major credit agencies.
“We believe that our ratings profile has recently been impacted by events surrounding AIG and we look forward to resolving any uncertainty that may exist about our ratings,” Orlich said. “We believe this is the best way to protect the interests of all stakeholders.”
The special committee includes the company’s lead independent director, Richard S. Press, and directors John Foos and William J. Poutsiaka.