The Blackstone Group completed the acquisition of a 9.9% stake in the Life & Retirement business of American International Group, a global insurance organization, for $2.2bn. “Today’s announcement is an important milestone for AIG. Establishing a cornerstone partnership on several fronts with such a highly regarded organization as Blackstone validates the strength of our market-leading Life & Retirement business and provides it with additional growth opportunities, provides AIG with flexibility as we continue to work to separate Life & Retirement from AIG, and results in significant new capital for AIG to deploy to support our capital management priorities,” Peter Zaffino, AIG President and Chief Executive Officer.