AIG Takes Controlling Stake in 20th Century

American International Group Inc., America’s largest publicly held insurer, said it has acquired enough 20th Century Industries stock to give it control of the once-struggling property and casualty insurer. AIG now owns enough stock, convertible preferred shares and warrants to give it more than 50% of Woodland Hills-based 20th Century if it exercises all its holdings. New York-based AIG bought shares of 20th Century slowly in recent years, allowing it to take a majority stake in the eighth-largest U.S. auto insurer without paying a takeover premium. It can now include the insurer’s robust earnings in its own profit reports. 20th Century stock has tripled since AIG first decided to invest in the company. Its shares fell 6 cents to close at $27.94 on the New York Stock Exchange. AIG’s shares rose $2.19 to $151.50, also on the NYSE.