|AIG ACQUIRES NORWICH UNION HOLDINGS (CANADA) LIMITED|
AIG ACQUIRES NORWICH UNION HOLDINGS (CANADA) LIMITED
NEW YORK, January 10, 2001 – American International Group, Inc. (AIG)
has announced that a subsidiary company has purchased the issued share capital
of Norwich Union Holdings (Canada) Limited from a subsidiary of the UK-based
CGNU Plc for approximately CDN $159 million in cash and special dividends. Norwich
Union Holdings Canada Limited is the parent of Norwich Union Life Insurance
Company (Canada) (Norwich Union), the leader in direct response life insurance
marketing in Canada.
Commenting on the acquisition, Gerry Wyndorf, AIG Vice President Life Insurance, said, “Norwich Union provides significant enhancement to AIG’s existing life insurance business in Canada. AIG currently operates in Canada through AIG Life Insurance Company of Canada, which distributes through independent brokers and currently ranks in the top five in market share for life insurers. The acquisition is an excellent fit and provides both growth potential and diversification in Canada through alternative distribution.”
AIG is the leading U.S.-based international insurance and financial services organization and the largest underwriter of commercial and industrial insurance in the United States. Its member companies write a wide range of commercial and personal insurance products through a variety of distribution channels in approximately 130 countries and jurisdictions throughout the world. AIG’s global businesses also include financial services and asset management, including aircraft leasing, financial products, trading and market making, consumer finance, institutional, retail and direct investment fund asset management, real estate investment management, and retirement savings products. American International Group, Inc.’s common stock is listed on the New York Stock Exchange, as well as the stock exchanges in London, Paris, Switzerland and Tokyo.
CGNU plc is the UK’s largest insurance group and the world’s sixth largest insurer based on worldwide premiums. The group was created from the merger of CGU plc and Norwich Union plc on May 30, 2000.