Maurice “Hank” Greenberg has said he will sell his nearly 12.9 million shares in American International Group to Starr International Co. for at least $1.25 a share, The Wall Street Journal reported on its Web site, citing an SEC filing.

The sale with leave Greenberg, who was CEO of AIG for nearly four decades, with virtually no remaining economic interest in the insurer, except for 71,000 shares held by family trusts.

Greenberg is the head of Starr International, which was the largest single shareholder in AIG before it was bailed out by the federal government last September.