American International Group said yesterday it would sell its Taiwan unit for US$2.15 billion (Bt71.66 billion) as the insurance giant raised money to pay off a huge US government bail-out loan.
AIG announced that Hong Kong-based Primus Financial Holdings would take over Nan Shan, Taiwan's No 2 life insurer, in what observers said was the largest deal ever to take place in the island's financial sector. "[Primus] has pledged to continue Nan Shan's commitment to its policyholders, agents, and employees, as well as to the people of Taiwan," said Robert Benmosche, AIG chief executive officer.
After an auction that lasted several months, Primus beat several rivals for Nan Shan, including Taiwan's Chinatrust Financial Holding. Primus Financial has promised not to change Nan Shan's brand or the existing compensation and benefits packages.
"We have the highest respect for Nan Shan's dedicated management team, agents and employees who have built the company into the prominent Taiwan institution that it is today," said Primus chairman Robert Morse.
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