MIAMI--(BUSINESS WIRE)--Oct. 15, 2015--
ASSA Compañía Tenedora, S.A. and ASSA Compañía de
Seguros (ASSA) and American International Group, Inc. (NYSE:AIG)
today announced that they have entered into a share purchase agreement
under which, ASSA will acquire 100 percent of AIG’s operations in
Central America located in El Salvador, Guatemala, Honduras and Panama.
The transaction is subject to regulatory approvals in each country.
In connection with the transaction, AIG and ASSA will establish an
on-going business partnership to pursue new opportunities and continue
to deliver innovative products and unique customer experiences in
“In looking for a partner in Central America, AIG found a world class
player in ASSA. Its deep understanding of the Central American insurance
market will help ensure that customers in the region will continue to
receive a full range of products and services,” said James Dwane, AIG
President and CEO Latin America and the Caribbean.
“ASSA moves toward its goal of being a leading insurer in Central
America by adding AIG’s businesses including its talented teams in El
Salvador, Guatemala, Honduras and Panama," said Eduardo Fábrega, ASSA
CEO. "ASSA will strengthen its ability to offer insurance products,
serve a broad clientele and will become the only locally owned insurance
group with a presence in all Central American countries.”
ASSA is a recognized leader in the insurance market across Central
America with presence in Costa Rica, El Salvador, Nicaragua and Panama.
This agreement will allow ASSA to complete its regional footprint by
entering the Guatemala and Honduras markets, as well as strengthen its
insurance businesses in El Salvador and ASSA’s leading position in
Panama, its home market.
Until the transaction receives regulatory approvals, all operations,
branches, products and benefits will continue to operate as usual. ASSA
and AIG will work together to ensure a smooth transition for customers
American International Group, Inc. (AIG) is a leading global insurance
organization serving customers in more than 100 countries and
jurisdictions. AIG companies serve commercial, institutional, and
individual customers through one of the most extensive worldwide
property-casualty networks of any insurer. In addition, AIG companies
are leading providers of life insurance and retirement services in the
United States. AIG common stock is listed on the New York Stock Exchange
and the Tokyo Stock Exchange.
Additional information about AIG can be found at www.aig.com
| YouTube: www.youtube.com/aig
| Twitter: @AIGinsurance | LinkedIn: http://www.linkedin.com/company/aig
AIG is the marketing name for the worldwide property-casualty, life and
retirement, and general insurance operations of American International
Group, Inc. For additional information, please visit our website at www.aig.com.
All products and services are written or provided by subsidiaries or
affiliates of American International Group, Inc. Products or services
may not be available in all countries, and coverage is subject to actual
policy language. Non-insurance products and services may be provided by
independent third parties. Certain property-casualty coverages may be
provided by a surplus lines insurer. Surplus lines insurers do not
generally participate in state guaranty funds, and insureds are
therefore not protected by such funds.
View source version on businesswire.com: http://www.businesswire.com/news/home/20151015006019/en/
Source: American International Group, Inc.
American International Group, Inc.
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