Intended buyers of insurer American International Group’s Taiwan unit have ended their purchase agreement after Taiwan’s regulators opposed the deal [See IJ web site – . https://www.insurancejournal.com/news/international/2010/09/02/112961.htm ].
China Strategic Holdings said in a statement late on Monday that it and partner Primus Financial Holdings had agreed with AIG to terminate the deal to buy Nan Shan Life effective Sept 20.
Last month regulators blocked a bid for Nan Shan from battery maker China Strategic and Hong Kong investment fund Primus, saying the two did not have experience in the insurance industry and lacked the ability to raise capital for future operations.
It was the second failure in Asia for AIG’s attempts to sell assets to repay billions of U.S. taxpayer dollars used to bail out the company. In May, a $35.5 billion sale of its American International Assurance (AIA) unit in the region to Prudential Plc fell through.
Nan Shan is Taiwan’s No.3 life insurer by market share and its policyholders make up almost a sixth of the island’s population.
(Reporting by Jonathan Standing)
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