AIG plans to launch a secondary public offering for 26 million of its 39.1 million shares it holds in Transatlantic.

With this sale, which is expected to raise nearly $1 billion, AIG's stake in Transatlantic will decrease from 59% to 19.7%. Transatlantic will not sell any shares in the offering, according to media reports.

JPMorgan Securities, Goldman Sachs, Morgan Stanley and Lazard Capital Markets will act as underwriters for the offering.

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