AIG Refocusing on P&C Insurance

American International Group Inc., New York, is refocusing its business on its core property-and-casualty insurance units, as it looks to raise liquidity to repay its loan from the Federal Reserve Bank of New York. AIG has already drawn $61 billion of the $85 billion available. In a statement, the company said it is "exploring divestiture opportunities for its remaining high-quality businesses and assets." Representatives of the company said specifics of the sales have not been disclosed, and it could not confirm whether the mortgage insurance business, United Guaranty Corp., Greensboro, N.C., was one of the units on the block. The AIG statement added that the company was "actively at work on a number of alternatives for its financial products business and its securities lending program." AIG's global coordinators for the divestiture program are The Blackstone Group and J.P. Morgan.