AIG is seeking to sell securities backed by insurance policies on the lives of older people, The Wall Street Journal reports. A unit of the insurer’s Chartis property-casualty division will collateralize notes worth $900 million with 1,157 policies acquired since 2001. The New York-based company will also sell around $250 million securities to external investors. Standard & Poor’s has declined to provide a rating for the proposed AIG policy-backed notes.

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