American International Group (AIG) has inked an agreement to purchase Aurec Gold Investments’ 49.99% interest in AIG Israel Insurance Company (AIG Israel), for an undisclosed sum.
The acquirer already owns 50.01% interest in AIG Israel, a joint venture (JV) between the two parties, and if the proposed deal is completed, the JV will become wholly-owned by AIG.
Pending receipt of approval by the Israel Insurance Commissioner, the transaction has no finalized timeframe for completion.
The deal will further boost the acquirer presence in Israel as well strengthening businesses in the EMEA region, while integrating an important operation under its global platform, the company said.
As part of the deal, the acquirer has named Shay Feldman as the general manager of AIG Israel effective from 1 April.
The JV mainly writes personal lines as well as accident & health and life insurance through a direct distribution platform, and it also includes some commercial lines products through brokers.
Operating in over 130 nations and territories, AIG offers an array of property-casualty underwriting services to commercial, institutional, and individual customers.