Greenberg sells AIG shares

The former chief executive of American International Group, Maurice “Hank” Greenberg, reached a deal to sell most of the shares he holds in the insurer to a unit of Swiss bank UBS. Greenberg’s investment vehicle, Starr International, entered into a so-called variable prepaid forward-sale agreement with UBS Securities last week under which it will pocket $278.2m (£185.5m) upfront, according to a filing with the US Securities and Exchange Commission. Starr will deliver a total of 10m shares in four transactions of 2.5m shares each.