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-AIG to complete AIG Israel acqusition.

BANKING AND CREDIT NEWS-February 19, 2013--AIG to complete AIG Israel acqusition(C)2013 M2 COMMUNICATIONS http://www.m2.com

19 February 2013 -- US insurer American International Group Inc (NYSE: AIG) said that it has reached an agreement with Israel-based holding company Aurec Group's Aurec Gold Investments Ltd unit to acquire Aurec's 49.99% interest in AIG Israel Insurance company Ltd (AIG Israel).

AIG said it 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.

The insurer 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.

Rob Schimek, president and chief executive officer of AIG's EMEA region, said that the decision to acquire the remaining interest in AIG Israel represents an opportunity to increase our presence in Israel, as well as to further integrate an important operation as part of AIG's global platform.

AIG said that Shay Feldman has been appointed general manager of AIG Israel effective 1 April 2013.

Additional information about AIG can be found at www.aig.com.

1 USD = 0.646385 GBP

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Publication:M2 Banking & Credit News (BCN)
Date:Feb 19, 2013
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