BRIEF: Corporate giant AIG to begin spinoff of Greensboro’s United Guaranty

Jan. 26--Corporate insurance giant AIG said Tuesday it will begin spinning off Greensboro-based United Guaranty, a large local employer with headquarters downtown.

AIG said in a news release that it plans to become "leaner, more profitable, focused" and it will begin an initial public offering later this year of up to 19.9 percent of United Guaranty Corp. "as a first step toward full separation."

United Guaranty, which was founded in Greensboro, provides mortgage insurance for lenders and says it wrote the most policies in the industry for first loans for lenders in 2014.

In a 2015 news release, the company said its first-lein policies in 2014 exceeded $42 billion.

Contact Richard M. Barron at (336) 373-7371, and follow @BarronBizNR on Twitter.

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