AIG mortgage unit files for IPO

American International Group (AIG)'s mortgage unit United
Guaranty Corporation (UGC) has filed for an initial public
offering.
United Guaranty, which plans to list on the New York Stock
Exchange, won't receive any of the proceeds of the share sale,
according to its IPO filing.
JPMorgan Chase & Co and Morgan Stanley are underwriting the
deal.
The mortgage guarantor reported net income of $359.8mn last
year, down 8.6 percent from 2014, while revenue declined 11 percent
year-on-year to $922.6mn