Philam Insurance, transferred to American International Underwriters
The Philippine American Life and General Insurance (Philamlife) has sold its non-life insurance unit in the bid of its parent firm, American International Group (AIG), to stablize its business – reported BusinessWorldOnline.
Philam Insurance, the non-life insurance arm of Philamlife, has been transferred to the American International Underwriters (AIU), the property-casualty arm of AIG. The company’ name was thus changed to AIU Insurance Philippines. The new entity would now report to AIU’ regional hub in Singapore.
Anton Du Plessis, President and CEO, AIU Insurance Philippines, said: Despite change in ownership, the board remains the same, we have the same management, and we still have the same credentials. The company’s policyholders will get the same quality of assurance that Philam Insurance has provided.”
The life insurance business would be restructured so that operations in the Philippines and Taiwan will be folded into American International Assuranc (AIA).
Philamlife is currently majority-owned by Delaware-based American Life Insurance (ALICO), a subsidiary of AIG.