Business NEWS
Primus Financial wins bid for American International’s Taiwan insurance unit AIG Nan Shan Life
By Amarendra Bhushan for CEOWORLD Magazine Updated:October 6, 2009
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U.S. private equity fund Primus Financial has won the bid for American International’s (AIG) Taiwan insurance unit Nan Shan Life at $2.2bn with a contract to be signed on Friday, said Reuters citing a local paper.
New York-based AIG is in advanced talks with Primus and the two companies may sign an agreement as early as next week, the three people said, asking not to be identified. Primus Financial, co-founded by former Citigroup Inc. Asia investment banking chief Robert Morse, offered more than $2 billion for AIG’s Taipei-based Nan Shan Life Insurance Co., two of the people said.
AIG, once the world’s biggest insurer, is divesting units to repay loans included in its $182.5 billion government bailout. The selection of Primus Financial would end a four-month battle for Nan Shan that pitted the Hong Kong-based company against Chinatrust Financial Holding Co. and Cathay Financial Holding Co. Bloom berg reported.
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