Unibanco – União de Bancos Brasileiros S.A. – and American International Group, Inc. announced that they have entered into an agreement to repurchase their crossholdings in Unibanco AIG Seguros S.A. (UASEG) and AIG Brasil Companhia de Seguros (AIG Brasil).
“Under the terms of the agreement, Unibanco will purchase the shareholding in UASEG held by certain of AIG’s subsidiaries, and an AIG subsidiary will purchase Unibanco’s shares in AIG Brasil. Unibanco AIG Seguros S.A.’s name will be changed to Unibanco Seguros S.A. (“Uniseg”),” said the bulletin.
“During the 11-year partnership, UASEG has increased its market share from 1 percent to 8 percent. The company introduced products such as Extended Warranty, Environmental Liability and Directors and Officers Liability into the Brazilian market and it became a leading company in corporate insurance and is among the top four companies in the overall Brazilian market,” the announcement continued.
“Following completion of the agreement, Unibanco will assume full control of Uniseg and continue to grow its insurance and pension businesses. AIG will continue to bring its insurance products and services to the Brazilian market through AIG Brasil, while continuing to work with Uniseg in many business opportunities, namely in reinsurance and corporate insurance.”
José Rudge, Uniseg´s CEO, commented: “With the support of both partners, UASEG developed into one of the most profitable and successful insurance companies in the Brazilian market. The change allows both shareholders to pursue individual objectives while continuing to explore opportunities together.”
Hamilton Da Silva, CEO of AIG Latin America, noted: “AIG has been operating in the Brazilian market for over 60 years and looks forward to continuing to be an attractive provider of insurance products and services in both Brazil and Latin America. This change achieves important benefits for both AIG and Unibanco. It enables AIG to establish an independent position in the Brazilian insurance market, and, at the same time, to maintain a business relationship with Uniseg.”
Source: American International Group – www.aig.com
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