Southbridge Chile launched
P&C insurer Southbridge Chile was officially launched in capital Santiago on Monday.
The company is a unit of Canada's Fairfax Financial Holdings, which last year entered into an agreement with US group AIG to acquire several of its Latin American businesses.
The sale of AIG's operations in Chile and Colombia was completed at the end of July. This month, the Chilean unit began operating under the Southbridge name. At the Monday launch, Southbridge officials, led by general manager Fabiana De Nicoló (pictured), introduced the newly branded company to brokers and other industry guests.
AIG Chile reported 1.90mn UF (inflation-linked units, about US$80mn) in direct premiums for January-June, according to data from the country's association of insurers. This made the company the 10th biggest of the country's 32 P&C insurers. It posted earnings of 45,920 UF. By assets it was ranked No. 6, with 1.53mn UF.
AIG is awaiting the regulatory green light to conclude the sale of its commercial and consumer operations in Argentina, Uruguay and Venezuela.
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