AIG seeks Nan Shan sale after Primus lapse: reports
US insurance giant American International Group (AIG) is looking to sell its Taiwanese arm Nan Shan Life over the next two months for around $2 billion, according to local reports.
Without citing sources, the Chinese-language Commercial Times noted that Robert Benmosche, AIG Chairman and named CEO in August this year, had exchanged views with Taiwanese financial regulators about the sale, and expressed his hope to put the unit up for sale again. However, Taiwanese regulators were also quoted as saying that they have had no further discussions about Nan Shan. This follows the regulators' decision to bar the sale of Nan Shan to a consortium led by Primus Financial Holdings.
Benmosche stressed again last week in the statement that AIG will restructure itself around its core property, casualty and life and retirement businesses. In another statement, AIG said that it believed a sale of Nan Shan would be completed with 12 months.
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