American International Group has agreed to sell up to a 90-percent stake in International Lease Finance Corporation (ILFC) to a group of Chinese investors led by Weng Xianding, the chairman of New China Trust Company, AIG announced today.
Holdings of American International Group
Insurance giant AIG appeared closer to proceeding with plans to wind down its exposure to the aircraft leasing business when on September 2 its ILFC unit filed a registration statement with the U.S. Securities and Exchange Commission for a proposed initial public offering.
Buyers of coverage for aircraft, aviation businesses and property have found a silver lining in the recession: relatively stable prices for insurance. Attendees at this year’s Aviation Insurance Association (AIA) conference confirm the news; too much available insurance capacity means that no underwriter has the power to raise prices.
As worries about the economic health of insurance giant AIG dominated headlines last month, they also sparked concern among business aircraft operators about the state of their insurance coverage.
The economic health of insurance giant AIG has sparked concern among many business aircraft operators who have contacted NBAA with questions about the state of their insurance coverage.