NU Online News Service, April 20, 11:41 a.m. EDT

Chartis, the property and casualty unit of American International Group Inc. (AIG), says it will transfer a bulk of its asbestos liability to Berkshire Hathaway's National Indemnity Co. (NICO).

Chartis will pay NICO about $1.65 billion to take its "potentially volatile U.S.-related asbestos exposures," Chartis says in a statement.

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