A private investor group led by the Ontario Teachers' Pension Plan announced it has acquired the Canadian mortgage insurance business of American International Group (AIG).

AIG United Guaranty Mortgage Insurance Co. Canada is the second largest private mortgage insurer in Canada, and had assets of approximately $263.4 million and total equity of around $122 million at Sept. 30. Ontario Teacher's Pension Plan did not disclose the terms of the transaction.

The announcement follows Harel Insurance Investments & Financial Services (HARL.TV) of Israel's announcement last month that it has agreed to acquire AIG's Israel mortgage insurance business EMI Ltd. for $35.5 million. EMI's net profit for the first three quarters of 2009 was $14.2 million, Harel said.

AIG has been selling off non-core assets in order to repay its government bailout.

An AIG spokeswoman confirmed the sales.

-By Lavonne Kuykendall, Dow Jones Newswires; (312) 750 4141; lavonne.kuykendall@dowjones.com
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