Much has been made of new AIG CEO Robert Benmosche's strategy not to simply liquidate assets to repay its nearly $80 million in government loans—a strategy that previous boss Ed Liddy didn't share. But it looks like Benmosche found a deal that suited him, as it was reported late-yesterday that the insurer has agreed to sell its nearly 98% stake in Taiwan unit Nan Shan Life Insurance Co. Ltd. to an investor group led by Hong Kong's Primus Financial for about $2.15 billion, pending regulatory approval.
The Taiwan-based life insurer, which serves more than 4 million policyholders, is the third-largest life insurer in the country by total premiums and operates a network of 24 branches and 450 agency offices.
The Primus consortium, which also includes investment firm China Strategic Holdings Ltd., will maintain the Nan Shan brand, the AP reports. Primus also has agreed to retain the current management team, as well as the existing compensation and benefits packages for the insurer's 4,000 employees, and the agency's organizational and commission structure for at least two years once the deal closes.
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