A Northbrook, Ill.-based company has completed its acquisition of the majority of the U.S. life insurance premium finance assets of two subsidiaries of American International Group for $679.5 million in cash.

First Insurance Funding Corp., a subsidiary of Wintrust Financial Corp., obtained a majority of the premium finance assets of A.I. Credit Corp. and A.I. Credit Consumer Discount Co.

AIG has been selling off assets to pay back the government, which has loaned in more than $180 billion in aid since September 2008.

FIFC said it acquired “one of the largest life insurance premium finance portfolios in the industry,” as well as certain other assets related to A.I. Credit’s life insurance premium finance business for an additional $61.2 million.

Most of A.I. Credit’s life insurance premium finance employees are expected to join the new owner. As part of the deal, FIFC will purchase certain specified additional life insurance premium finance assets to reach the $61.2 million amount, the company said.

“A.I. Credit is known as a pioneer in the development and provision of life insurance premium financing products and has a terrific operating culture and a dedicated management team,” said Edward J. Wehmer, president and CEO of Wintrust, said in a statement.

He called the transaction “a significant step in fulfilling Wintrust’s planned expansion in the life insurance premium finance business.”

FIFC is one of the largest insurance premium finance companies operating in the United States, serving loan customers throughout the country. Prior to this transaction, FIFC had already been an active participant in the life insurance premium finance business with about $182 million of outstanding balances on June 30. FIFC also provides insurance premium financing for commercial customers with outstanding balances at June 30 of about $1.4 billion.