AIG sells Nan Shan to consortium: Motor Specialist and Car Insurance UK: Latest Events

AIG sells Nan Shan to consortium

American International Group, Inc. (AIG) has announced that it is to sell its 97.57% stake in Nan Shan Life Insurance Company, Ltd.

The sale will be to a consortium, including Primus Financial Holdings Limited, the Hong Kong-based financial services firm, and China Strategic Holdings Limited, the Hong Kong Stock Exchange-listed investment company, for around $2.15bn.

AIG CEO Robert Benmosche has expressed the firm’s delight at finding a buyer committed to Nan Shan’s policyholders, agents, and employees and the Taiwanese people.

Following the deal Nan Shan’s management will stay in place and the compensation and benefits package for employees will be retained for a minimum of two years.

Calculated by total book value Nan Shan is the largest life insurer in Taiwan and operates from 24 branches where it employs over 4,000 people.

AIG has made a large number of sales in recent months, including selling prime real estate in Tokyo and its entire stake in AIG Finance (Hong Kong) Limited to China Construction Bank.

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AIG sells Nan Shan to consortium

Category Car Insurance UK: Latest Events

Car Insurance UK: Latest Events

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