IN BRIEF (Page 16)
China Daily | Updated: 2008-12-23 07:52
Munich to buy AIG unit
Munich Re, the world's biggest reinsurer, agreed to buy American International Group Inc's Hartford Steam Boiler unit for $742 million, about a third less than what the US insurer paid for it eight years ago.
Munich Re will fund the purchase entirely from "existing resources", the Munich-based company said in a statement yesterday. HSB Group Inc CEO Douglas Elliot will stay on to run the unit.
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