Primus Financial Takes Over AIG Stake In Taiwan Insurer

Vanessa Doctor

13 October 2009

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.