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AIG is selling its broker-dealer segment and cutting expenses after pressure from Carl Icahn

AIG is selling its broker-dealer segment and cutting expenses after pressure from Carl Icahn

Insurer AIG is selling its broker-dealer segment, starting an initial public offering for its mortgage-insurance division and slashing expenses after coming under pressure from activist investor Carl Icahn.

Icahn has been pushing New York-based AIG to break itself into three separate companies.

AIG shares rose more than 2% in morning trading Tuesday.

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American International Group Inc. said that it will sell AIG Advisor Group to private equity firm Lightyear Capital LLC and Canadian pension investment manager PSP Investments. Terms were not...

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