A consortium has agreed to pay American International Group Inc. about $2.15 billion for Nan Shan Life Insurance Company Ltd.
AIG, New York, owns a 97.57% stake in Nan Shan, Taipei, Taiwan.
The consortium that has agreed to acquire Nan Shan includes Primus Financial Holdings Ltd., Hong Kong, and China Strategic Holdings Ltd., Kowloon, Hong Kong.
The deal is subject to regulatory approvals.
The Primus Financial consortium “has agreed to maintain the Nan Shan brand, the existing compensation and benefits package for employees and the existing agency organizational and commission structure for a minimum of 2 years following the closing of the transaction,” AIG says. “The current Nan Shan management team will remain in place.”
Nan Shan was established in 1963 and now serves about 4 million policyholders through a network of 24 branches, 450 agency offices, and 34,000 agents.
The company has about 4,000 employees.