NEW YORK, and PEMBROKE, Bermuda, Aug. 9 /PRNewswire-FirstCall/ --
American International Group, Inc. (NYSE: AIG) and IPC Holdings, Ltd.
(Nasdaq: IPCR) announced that AIG has agreed to sell 13.397 million IPC
common shares at $27 per share in an underwritten public offering. The
offering is expected to close on August 15, 2006. AIG has granted the
underwriters an option to purchase up to 2 million shares to cover
over-allotments, if any. Upon completion of the transaction, if the
underwriters exercise their over- allotment option in full, it is
anticipated that AIG will not own any shares of IPC's common stock. IPC
will not receive any proceeds from the sale of the shares.
The sole bookrunner for this offering is Citigroup Corporate &
Investment Banking, and Morgan Stanley & Co. Incorporated is a joint-lead
manager. Interested parties may obtain a written copy of the prospectus
relating to this offering from Citigroup Corporate & Investment Banking,
Brooklyn Army Terminal, 140 58th Street, 8th floor, Brooklyn, New York,
11220, Attention: Prospectus Department; telephone: 1-877-858-5407.
This communication shall not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there be any
sale of these securities in any state in which such offer, solicitation or
sale would be unlawful prior to registration or qualification under the
securities laws of any such state.
About AIG:
American International Group, Inc. (AIG), world leaders in insurance
and financial services, is the leading international insurance organization
with operations in more than 130 countries and jurisdictions. AIG companies
serve commercial, institutional and individual customers through the most
extensive worldwide property-casualty and life insurance networks of any
insurer. In addition, AIG companies are leading providers of retirement
services, financial services and asset management around the world. AIG's
common stock is listed on the New York Stock Exchange, as well as the stock
exchanges in London, Paris, Switzerland and Tokyo.
About IPC:
IPC Holdings, Ltd., through its wholly-owned subsidiary IPCRe Limited,
provides property catastrophe reinsurance and, to a limited extent,
aviation, property-per-risk excess and other short-tail reinsurance on a
worldwide basis.
CONTACT: For AIG For IPC Holdings, Ltd.
Joe Norton James Bryce or John Weale
212-770-3144 441-298-5100
SOURCE IPC Holdings, Ltd.
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Related links:
http://www.ipcre.bm
CONTACT:
Joe Norton, AIG, +1-212-770-3144, or James
Bryce or John Weale, both of IPC Holdings, Ltd., +1-441-298-5100
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