AIG sells longtime Vermont ski holding

American International Group Inc., the insurer that’s been divesting assets to narrow its focus, agreed to sell ski operations at Vermont’s Stowe Mountain to Vail Resorts Inc.

AIG will retain majority ownership of the base area, which includes a 312-room lodge, along with a country club and future development rights, according to statements Tuesday from the companies. The Broomfield, Colo.-based buyer gains a foothold in the U.S. East Coast to complement locations in its home state, Utah and California.

AIG Chief Executive Officer Peter Hancock has been simplifying the investment portfolio, exiting some volatile hedge fund holdings and reshaping its real estate division. The CEO last year completed the sale of International Finance Centre Seoul in Korea. The Stowe deal fits a pattern of AIG retaining financial ties to divested assets, while leaving some oversight to operators with more specialized management.

“Under Vail Resorts’ management, Stowe’s reputation as a premier ski destination with a commitment to excellent service will continue to grow,” Douglas Tymins, president of AIG Global Real Estate, said in the insurer’s statement.

The Stowe relationship spans back to the 1940s when AIG’s founder, Cornelius Vander Starr, was frustrated with the wait in line for a ski lift, according to a Burlington Free Press story posted on the ski resort’s website. He decided to put up funds for another lift, and AIG eventually took ownership, the article said.