AIG announces launch of secondary offering of Corebridge stock

Published on November 6, 2023

American International Group (AIG) has announced the launch of a secondary offering of Corebridge Financial common stock.

AIG is offering 50 million existing shares of common stock (out of approximately 631 million total shares of common stock outstanding) of Corebridge and has granted a 30-day option to the underwriters to purchase up to an additional 7.5 million shares.

This move is set to raise more capital for AIG, while also reducing its stake in Corebridge. AIG disclosed that it will receive all of the net proceeds from the offering.

The last reported per share sale price of Corebridge’s common stock on November 3, 2023, was $21.08. AIG explained that the shares will be offered to the public at a fixed price, which may be changed at any time without notice.

Goldman Sachs & Co. LLC and J.P. Morgan are acting as the underwriters for the offering.

AIG rebranded the parent company of its Life & Retirement business from SAFG Retirement Services to Corebridge back in March of 2022.

In September of that same year, AIG launched an initial public offering of Corebridge, pricing it at $21 per share.

The post AIG announces launch of secondary offering of Corebridge stock appeared first on ReinsuranceNe.ws.

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