On Wednesday American International Group Inc. announced an agreement to sell its Taiwan-based insurance unit, Nan Shan Life Insurance Co., to investors led by the Taiwanese construction and wholesale conglomerate, Ruentex Group, for $2.16 billion in cash.
The agreement marks the second time AIG and its CEO Robert Benmosche have attempted to sell the unit. Last August, Taiwan’s Financial Supervisory Commission rejected a $2.15 billion bid by a group led by Primus Financial Holdings Ltd. and China Strategic Holdings Ltd.
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