AIG stirs up block market with HK$10bn PICC P&C sale

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By Jonathan Breen
05 May 2016

A HK$9.7bn ($1.25bn) sell-down in Chinese insurer PICC Property and Casualty Co last weekend has injected some welcome activity into Asia’s block market, which has seen limited business since the start of the year. The success of the deal in the primary and the secondary market is expected to inspire potential sellers to take action. Jonathan Breen reports.

American International Group offloaded 81% of its shares in PICC on Saturday. Despite taking the unusual approach of executing the transaction over the weekend, the leads found a strong response from investors in the region and the US. The trade closed many times oversubscribed, with the interest mainly ...

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