Provided exclusively by Mergermarket
Major US insurers MetLife (NYSE:MET) and American International Group (NYSE:AIG) have turned to top-tier investment banks in response to pressure to shrink their balance sheets.
Goldman Sachs is advising MetLife as it works to separate its US retail business, two sources briefed on the matter said.
Earlier this month the New York-based insurance giant said it was considering a sale, spin off or IPO for USD 240bn in assets in an effort to fall below a threshold that subjects the institution to increased regulatory scrutiny.
AIG, meanwhile, is receiving advice from Morgan Stanley in response to pressure from activist investor Carl Icahn, one of these sources and a sector advisor said.
Media reports have said the New York-based group is expected to announce plans to spin off its mortgage insurance business and sell a broker dealer network when it updates investors about its strategy on Tuesday. Icahn has called for AIG to consider a much larger break up.
MetLife and Goldman declined to comment. AIG and Morgan Stanley did not return requests for comment.
by Jay Antenen in New York and Brandon Hamilton in London
As seen in the mergermarket newsletter on 25/01/2016