Primus Nan Shan deal amended
Primus Financial Holdings and China Strategic Holdings Ltd. have amended their $2.15 billion joint agreement to buy Nan Shan Life Insurance Company in Taiwan from American International Group, Inc., placing $325 million in an escrow account for a four-year period as an additional measure of support for Nan Shan’s capital adequacy ratio.
Originally the deal to acquire the Taiwanese insurer was announced in October 2009, but the investment consortium has been awaiting regulatory approval from Taiwanese authorities to complete the deal. Robert Morse, Chairman and co-CEO of Primus Financial, said, “This further assures Nan Shan of its continued stability.” Should Nan Shan’s risk-based capital ratio fall below the regulatory requirement, Primus can draw on the escrow. AIG said that the move is part of the ongoing collaboration with regulatory authorities in Taiwan to complete the sale.
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