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Primus Financial Takes Over AIG Stake In Taiwan Insurer
Primus Financial Holdings has agreed to buy
Nan Shan Life Insurance Co, the Taiwan-based insurance firm
owned by
American International Group, for $2.15 billion.
Primus, an independent financial services firm that covers
insurance, banking, brokerage, advisory, and wealth management,
will be taking over AIG's 97.57 per cent stake in Nan Shan,
besting rival bids from Fubon Financial, Chinatrust Financial,
and Cathay Financial.
According to a statement, Primus has agreed to retain the Nan
Shan brand, organisational structure, and existing employee
packages for at least two years after the transaction is
completed. There will be no changes to the management lineup.
"We are pleased to have found a buyer who shares our confidence
in Nan Shan's bright future and who has pledged to continue Nan
Shan's commitment to its clients," said AIG chief executive
officer Robert Benmosche.
The deal is subject to regulatory approval.
