United Guaranty Corp., the Greensboro, N.C.-based mortgage insurer owned by American International Group, will remain as a subsidiary of that company following its split with AIU Holdings LLC. AIU is the special purpose vehicle that will be the holding company for AIG's commercial insurance, foreign general insurance and private client groups. Under the terms of the plan, AIG will purchase AIU's interests in UGC and two other AIG units to further separate the property casualty operations. The sales improve the quality of AIU's capital, the company said.
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