AIG..fresh from its bailout revival..to purchase outstanding interest in AIG Israel
American International Group, Inc. (NYSE: AIG) announced today that it has reached an agreement with Aurec Gold Investments Limited (Aurec) to acquire Aurec’s 49.99% interest in AIG Israel Insurance Company Ltd. (AIG Israel). AIG currently owns 50.01% of AIG Israel, and upon completion of the transaction AIG Israel will become wholly-owned by AIG. The transaction is subject to approval by the Israel Insurance Commissioner.
AIG and Aurec formed AIG Israel in 1996 as a joint venture. The operation primarily writes personal lines as well as accident & health and life insurance through a direct distribution platform, and it encompasses some commercial lines products via brokers. AIG Israel has achieved steady growth and profitability each year since 2001.
Rob Schimek, President and Chief Executive Officer of AIG’s EMEA region, said, “Our decision to acquire the remaining interest in AIG Israel represents an excellent opportunity to increase our presence in Israel, as well as to further integrate an important operation as part of our global platform. We are pleased that this transaction will enable us to continue to strengthen our market position in a country that is a core component of AIG’s business in the EMEA region.”
we should all be so happy to see AIG back on its feet and regaining its place in the world..NOT!
they were supported like no other..well maybe GM..but either way..the american people will never be helped like this giant was..
“”Our decision to acquire the remaining interest in AIG Israel represents an excellent opportunity to increase our presence in Israel”