20th Century Industries announces closing of $216 million investment by AIG.WOODLAND HILLS, Calif.--(BUSINESS WIRE)--Dec. 16, 1994--20th Century Industries (NYSE NYSE See: New York Stock Exchange :TW) Friday announced the closing of the previously disclosed plan for capitalization and future joint ventures with American International Group
American International Group, Inc. (AIG) (NYSE: AIG; TYO: 8685 ) is a major American insurance corporation based in New York City. Inc. (NYSE:AIG AIG addressee indicator group (US DoD) AIG American International Group, Inc AiG Answers in Genesis (religious group in defense of Scripture) AIG Artificial Intelligence Group AIG Australian Industry Group ). 20th Century shareholders overwhelmingly approved the transaction and related matters at a special meeting of shareholders held Thursday. Under the plan, AIG will invest $216 million of equity capital in 20th Century Industries in return for convertible preferred stock Convertible Preferred Stock Preferred stock that includes an option for the holder to convert the preferred shares into a fixed number of common shares, usually anytime after a predetermined date. Also known as "convertible preferred shares". and warrants. ``Shareholder approval of this plan was the final step needed for 20th Century to move forward into its future,'' said Neil H. Ashley, chief executive officer of 20th Century. ``Not only will this capital allow us to focus on our core operations, but the alliance with AIG will allow us to broaden our horizons. I have only optimism for our future.'' The New York-based American International Group is the leading U.S.-based international insurance organization and the nation's largest underwriter of commercial and industrial coverages. Its member companies write property, casualty, marine, life and financial-services insurance in approximately 130 countries and jurisdictions, and are engaged in a range of financial-services businesses. At Sept. 30, 1994, AIG reported assets of $115 billion. 20th Century Industries is a publicly held company currently traded on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. under the trading symbol Trading symbol See: Ticker symbol TW. Wholly owned subsidiaries Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. are 20th Century Insurance Co., which markets automobile and excess-liability insurance, and 21st Century Casualty Co., which markets automobile insurance. Both insurance subsidiaries sell directly to consumers without agents. 20th Century Industries and subsidiaries' offices are located at 6301 Owensmouth Ave., Woodland Hills, Calif. 91367; telephone 818/704-3514. CONTACT: 20th Century Industries, Woodland Hills
Rick Dinon or Ric Hill, 818/704-3595
or
Fleishman-Hillard Inc., Los Angeles
Jeanne Ouellette or Rob Williams, 213/629-4974
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