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United Guaranty Corp., the mortgage insurance division of AIG, has filed for an initial public offering (IPO) of up to $100 million.
According to a Reuters report, the IPO is part of AIG’s strategy to spin off the United Guaranty unit as part of an effort to divide AIG into three parts. The company has been under pressure from investor Carl Icahn to change its structure, and in January AIG announced it would sell up to 19.9 percent of its holdings in United Guaranty.
The IPO will be underwritten by J.P. Morgan and Morgan Stanley, and United Guaranty plans to have its shares listed on the New York Stock Exchange.