Transatlantic Holdings is looking to buy around 2 million of its common stock shares from American International Group (AIG), Transatlantic Re reports. AIG subsidiary, American Home Assurance Company (AHAC), is planning to sell 9.2 million of Transatlantic shares in a secondary public offering, expected to begin by March 9.

The stake is valued at about $494 million, adds Bloomberg. After receiving a government bailout of around $182.3 billion, AIG has started selling its assets to repay taxpayers. The insurer is planning to sell more than $47 billion in assets, which includes its plan to sell Asian life unit, AIA Group, this week.

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