Chartis Receives High Response for Fuji Fire Share Offer

March 28, 2011

Chartis, the general insurance subsidiary of American International Group, has announced the results of its cash tender offer by its wholly owned subsidiary, Chartis Japan Capital Company, LLC, for all of the outstanding common shares and stock acquisition rights of Fuji Fire and Marine Insurance Co., Ltd., that Chartis did not already own as majority shareholder.

“Chartis Japan LLC did not set a maximum or minimum for the number of shares scheduled to be purchased, and will purchase all of the tendered shares and other securities,” said the bulletin “The tender offer period expired on March 24, 2011, and a total of 305,256,945 shares were tendered at an offer price of JPY 146 ($1.786] per share. Upon settlement on March 30, 2011, Chartis Japan LLC will own 305,256,945 shares, or 43.59 percent of the outstanding shares, of Fuji Fire and Marine, and Chartis in the aggregate will own 98.25 percent.”

Chartis also announced that it intends to “ultimately acquire the remaining minority shares of Fuji Fire and Marine that Chartis does not own.

“Subject to required legal proceedings, Fuji Fire and Marine will be delisted and become a wholly-owned subsidiary of Chartis. Chartis expects that Fuji Fire and Marine will continue to operate under the Fuji Fire and Marine brand.”

Jose A. Hernandez, CEO of Chartis Far East Holdings K.K, commented: “By enhancing the operational and financial capabilities of both companies, we will be able to accelerate the delivery of innovative products and services that anticipate the evolving needs of our customers,” said. “This transaction will benefit all of our stakeholders, including our employees and agents, and we look forward to a successful, long-term future together in the Japanese marketplace.”

Tender offer materials for shareholders of Fuji Fire & Marine, including the tender offer results report, are available in English.

Source: Chartis

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