Taiwan’s Financial Supervisory Commission says a local conglomerate has met conditions the commission stipulated in June to purchase AIG’s Taiwanese insurance unit, paving the way for final approval.
The Thursday announcement says that Ruen Chen consortium will be allowed to acquire AIG’s 97.6 percent stake in Nan Shan Life Insurance Co. after it demonstrated it can deposit NT$30 billion ($1.03 billion) in assets within 60 days.
Nan Shan is the third-biggest insurer in Taiwan.
The commission also determined that Ruen Chen has the ability to lower its debt gradually, another condition for the deal.
American International Group Inc. reached the $2.2 billion transaction with Ruen Chen in January as part of the group’s efforts to reduce U.S. government ownership.
Topics Mergers & Acquisitions AIG
Was this article valuable?
Here are more articles you may enjoy.
California Commissioner Moves to Implement Insurance Rate Review Reforms 
Labor Market Study: 14% of Carriers Plan to Reduce Headcounts 
Downward Spiral: Florida Insurance Agent Charged with Embezzlement After Lawsuits 
Hard Reinsurance Prices Likely to Last Longer Than in Previous Market Cycles: Report 
