Starr International, the U.S. investment arm operated for the benefit of the Starr International Foundation, is buying out the financial stake held by Maurice R. Greenberg, the former chief executive of the American International Group, reports The Wall Street Journal.

Mr. Greenberg filed documents with the Securities and Exchange Commission Friday to sell his nearly 12.9 million shares to Starr, for which he is one of 12 voting shareholders. Starr already holds 206 million shares of AIG and was the largest shareholder in the troubled insurer before it was bailed out by the federal government.

The newspaper said the sale was part of a plan to turn over more of Mr. Greenberg’s assets to charity.

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