American International Group has completed its previously announced acquisition of 100 per cent of the common shares of Central Insurance Co., Ltd. in Taiwan, effective August 1, 2006.
“Central Insurance, established in 1962, is a leading general insurance company in Taiwan, ranked sixth by gross premium written,” said the bulletin. “It underwrites automobile, fire, casualty, marine, and personal accident insurance products produced through in-house agents, brokers, banks and other strategic partners in offices across Taiwan. These include locations not currently covered by AIU Taiwan, a branch of AIG’s AIU Insurance Company.”
Commenting on the acquisition, Nicholas C. Walsh, AIG Executive Vice President, Foreign General Insurance, stated: “With the acquisition of Central Insurance, AIG’s companies in Taiwan become one of the largest general insurance businesses in that market, ranking third in gross premiums written and with an extensive distribution network. AIG has a portfolio of growing insurance and financial services businesses throughout Asia, and this acquisition will build on that significant position. The Central Insurance distribution network will complement AIU Taiwan’s existing network, providing an enhanced growth platform in this important market.”
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