|AIG SUBSIDIARY ACQUIRES CENTRAL INSURANCE CO., LTD IN TAIWAN|
NEW YORK--(BUSINESS WIRE)--Aug. 2, 2006--American International Group, Inc. (AIG) 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. 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, said, "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."
American International Group, Inc. (AIG), world leaders in insurance and financial services, is the leading international insurance organization with operations in more than 130 countries and jurisdictions. AIG companies serve commercial, institutional and individual customers through the most extensive worldwide property-casualty and life insurance networks of any insurer. In addition, AIG companies are leading providers of retirement services, financial services and asset management around the world. AIG's common stock is listed on the New York Stock Exchange, as well as the stock exchanges in London, Paris, Switzerland and Tokyo.