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AIG strikes $5.56B deal to buy Bermuda insurer

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American International Group Inc. agreed to pay $5.56 billion for a Bermuda-based insurer and reinsurer.

The global insurance conglomerate announced today its definitive agreement to buy Validus Holdings Ltd. in an all-cash deal.

Among Validus' large product lines include property-catastrophe reinsurance for hurricanes and other disasters.

Read more from The Wall Street Journal.

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