NEW YORK (AP) — American International Group Inc. said Monday that it will spend $718.1 million Hong Kong dollars ($92.5 million) in a rights offering by Chinese insurance company PICC Property and Casualty Co.

New York-based insurer AIG said that it will own 9.9 percent of shares in PICC P&C after the offering. The company is a subsidiary of The People’s Insurance Co. of China and is traded in Hong Kong. A representative for AIG declined to comment further on the investment move announced Monday.

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