AIG to sell unit to Arch Capital for $3.4 billion

American International Group Inc said on Monday it would sell its mortgage-guaranty unit to Arch Capital Group Ltd for about $3.4 billion (2.64 billion pounds). AIG, the largest commercial insurer in the United States and Canada, said it would get $2.2 billion in cash, $250 million in Arch Capital's perpetual preferred stock and $975 million in non-voting common-equivalent preferred stock from the sale of United Guaranty Corp. The Wall Street Journal first reported AIG's deal with Bermuda-based