Primus Financial consortium will maintain structure of Nan Shan brand for minimum of two years
AIG has entered into an agreement to sell its 97.57% share of Taiwan-based Nan Shan Life Insurance company to a consortium comprising Primus Financial Holdings and China Strategic Holdings, for approximately $2.15 billion.
As per the deal, Primus Financial consortium has agreed to the existing compensation and benefits package for employees and the existing agency organisational and commission structure for a minimum of two years after the completion of the transaction. The current Nan Shan management team will remain in place, said the company.
Robert Benmosche, CEO of AIG, said: “We are pleased to have found a buyer who shares our confidence in Nan Shan’s bright future, and who has pledged to continue Nan Shan’s commitment to its policyholders, agents, and employees, as well as to the people of Taiwan.”
Blackstone Advisory Partners and Morgan Stanley acted as financial advisors and Debevoise & Plimpton and Lee & Li, Attorneys-At-Law served as legal advisors to AIG on this transaction.