(Reuters) – Billionaire investor Carl Icahn has sold his stake in AIG (AIG.N), Forbes reported on Monday, ending a more than two-year association with one of the largest U.S. property and casualty insurers.

The activist investor started accumulating AIG shares in 2015 and became its third largest investor with a 4.76 percent stake as of the end of 2017.

The report said Icahn exited AIG when the company’s stock changed hands at a price between $60 and $65 — levels last seen in February. At $65 per AIG share, Icahn’s stake would have been worth $2.78 billion, according to Reuters’ calculations.

AIG shares fell nearly 1 percent to $52.30 in morning trade.

It was not immediately known how much Icahn made from the AIG investment.

Icahn Enterprises (IEP.O) did not immediately respond to a request for comment, while AIG declined to comment.

In the company’s first quarter investor presentation released last week that showed investments held, AIG was not included on a list of significant holdings.

By contrast, its fourth quarter of 2017 presentation showed AIG as the largest of five significant holdings.

In keeping with his aggressive activist investment strategy, Icahn had publicly pressed AIG to shrink and threatened a proxy fight with the company’s management.

The insurer was forced to embark on a two-year turnaround plan developed by former Chief Executive Officer Peter Hancock, which intended to return $25 billion to shareholders.

The company also sold some assets and hired a new chief executive, which led Icahn to back off on his demand to break up the company.

In March, AIG said Samuel Merksamer, a representative of Icahn on the company’s board, would not seek re-election.

On Wednesday, AIG shareholders will vote on a $43.1 million 2017 compensation package for Chief Executive Officer Brian Duperreault, who took charge a year ago. Duperreault has vowed to grow the company by making acquisitions and boosting revenues.

(Reporting by Parikshit Mishra and Sweta Singh in Bengaluru; Editing by Sai Sachin Ravikumar, Bernard Orr)

 

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