U.S. insurer American International Group said on Tuesday it would sell some businesses in Latin America and central and eastern Europe to Canada's Fairfax Financial Holdings Ltd for about US$240 million in cash.
AIG, which has been under pressure from shareholders including billionaire Carl Icahn to slim down, said it would sell commercial and consumer insurance operations in Argentina, Chile, Colombia, Uruguay, Venezuela and Turkey.
Fairfax will also acquire renewal rights for a portfolio of business written by AIG's central and eastern European operations, AIG said.
In August, AIG sold its mortgage-guaranty unit to Arch Capital Group Ltd for about US$3.4 billion. Last month, it sold its Lloyd's of London platform, Ascot, to the Canada Pension Plan Investment Board in a deal valued at about US$1.1 billion.