AIG plans Arch preferred sale to raise over $600mn

American International Group plans to sell almost 6.4 million
shares in Arch Capital valued at more than $600mn as AIG converts
half of the preferred stock it received in the sale of its United
Guaranty unit to the Bermudian.
None of the proceeds of the secondary public offering will go to
Arch, the (re)insurer said in a regulatory filing late today. It
details the sale by New York-based AIG and subsidiary National
Union Fire Insurance Company of Pittsburgh.
Arch shares...