AIG COMPLETES CENTRAL INSURANCE ACQUISITION IN TAIWAN

Taiwan-based AIG subsidiary AIG Direct Marketing has completed its US$190m acquisition of locally based Central Insurance, announced in February. Central Insurance, founded in 1962, is Taiwan’s sixth-largest p/c insurer, with more than NT$7bn in gross written premiums. AIG already has its own p/c operation in Taiwan, AIU Insurance Co, established in 1982. AIU Taiwan senior executive Ross Matthews said that “in order to maximise future opportunities, we are undertaking a thorough investigation to identify the best possible business model; one that offers superior operating efficiency while preserving the interests of our customers and employees”. He said that AIG would leverage the complementary distribution networks of AIU Taiwan and Central Insurance as a “major platform for future growth and expansion”.