AIG to sell several LatAm units to Fairfax Financial
US-based insurance and financial services provider AIG announced Tuesday it would be selling off a number of units, including several Latin American subsidiaries, to Canada's Fairfax Financial Holdings for US$240mn in cash.
The sale is "part of a strategic partnership that will further focus and streamline AIG's global insurance operations." Pressure from investors has forced the insurance giant to reduce the scale and complexity of its global business empire.
AIG will be selling its commercial operations and insurance businesses in Argentina, Chile, Colombia and Uruguay, as well as Turkey.
"The LatAm companies are well established in their respective markets with experienced management teams and a disciplined approach to underwriting, and they will significantly expand Fairfax's footprint in Latin America," said Fairfax CEO Prem Watsa in a statement.
AIG announced earlier this month that it would be restructuring its Brazilian subsidiary in 2017 after suffering some of the largest losses of any insurer in the country. Before that, in August, the insurer sold its mortgage guarantor unit Arch Capital Group Ltd for nearly US$3.4bn.
Subscribe to the leading business intelligence platform in Latin America with different tools for Providers, Contractors, Operators, Government, Legal, Financial and Insurance industries.
News in: Political Risk & Macro (Argentina)
Argentina’s Debt Service Prospects Remain Unclear After Latest Policy Moves
President Javier Milei secured an important victory last month with passage of his flagship “Ley Bases” bill. The boost to confidence was short-liv...
How Milei’s spending cuts are footing the bill for Argentina’s fiscal surplus
A think tank says the figure is a result of deep cuts in public spending, leaving doubts as to whether a surplus is sustainable in the long term.
Subscribe to Latin America’s most trusted business intelligence platform.
Other projects
Get key information on thousands of projects in Latin America, from current stage, to capex, related companies, key contacts and more.
- Project: Morada do Sol 5 photovoltaic plant (Morada do Sol complex)
- Current stage:
- Updated:
12 hours ago
- Project: Morada do Sol 6 photovoltaic plant (Morada do Sol complex)
- Current stage:
- Updated:
12 hours ago
- Project: Morada do Sol 4 photovoltaic plant (Morada do Sol complex)
- Current stage:
- Updated:
12 hours ago
- Project: Morada do Sol 3 photovoltaic plant (Morada do Sol complex)
- Current stage:
- Updated:
12 hours ago
- Project: Morada do Sol 2 photovoltaic plant (Morada do Sol complex)
- Current stage:
- Updated:
12 hours ago
- Project: Alameda - Melipilla railway (Melitren)
- Current stage:
- Updated:
12 hours ago
- Project: Leo Solar I photovoltaic park
- Current stage:
- Updated:
11 hours ago
- Project: Pisisí port
- Current stage:
- Updated:
11 hours ago
- Project: New Simón Bolívar hospital
- Current stage:
- Updated:
11 hours ago
- Project: San Juan del Cesar 2 solar park
- Current stage:
- Updated:
11 hours ago
Other companies in: Political Risk & Macro
Get key information on thousands of companies in Latin America, from projects, to contacts, shareholders, related news and more.
- Company: Secretaría de Defensa Nacional de Honduras
-
The description contained in this profile was taken directly from an official source and has not been edited or modified by BNamericas researchers, but may have been automatical...
- Company: Ministerio de la Vivienda, Hábitat y Edificaciones de República Dominicana (MIVHED República Dominicana)
-
The description contained in this profile was taken directly from an official source and has not been edited or modified by BNamericas researchers, but may have been automatical...
- Company: Agência de Transporte do Estado de São Paulo (ARTESP)
-
Created in 2002, the São Paulo State Transport Agency (ARTESP) is in charge of overseeing public transportation for Brazil's São Paulo state. Working under the Secretariat of Go...
- Company: Alvarez & Marsal, Sucursal México
- Company: Business Finland Oy (Business Finland)
-
The description included in this profile was taken directly from an official source and has not been modified or edited by the BNamericas’ researchers. However, it may have been...
- Company: Control Risks México S.A. de C.V. (Control Risks México)
-
The description contained in this profile was taken directly from an official source and has not been edited or modified by BNamericas researchers, but may have been automatical...
- Company: Alcaldía Municipal de Montenegro (Alcaldía de Montenegro)
-
The description contained in this profile was taken directly from an official source and has not been edited or modified by BNamericas researchers, but may have been automatical...
Subscribe to the leading business intelligence platform in Latin America with different tools for Providers, Contractors, Operators, Government, Legal, Financial and Insurance industries.
