Date: | 13 October 2009 |
From: | Primus Financial Holdings Limited |
Subject: | Primus Financial Consortium Enters into Agreement to Acquire Nan Shan Life Insurance Company, Ltd. From AIG |
Hong Kong - October 13, 2009 - A consortium led by Primus Financial Holdings Ltd ("Primus Financial"), a Hong Kong-based financial services company, and Hong Kong Stock Exchange-listed China Strategic Holdings Ltd ("China Strategic") today announced an agreement to acquire a 97.57% stake in Nan Shan Life Insurance Company, Ltd. ("Nan Shan") from American International Group, Inc. (AIG) for US$2.15 billion.
Founded in 1963, Nan Shan is the largest life insurer in Taiwan by total book value, with total assets exceeding US$46 billion and 7.9 million in-force policies, held by approximately four million policyholders. Underpinning Nan Shan's success is a well-respected management team, the second largest agency force in Taiwan, and loyal employees who have assisted Nan Shan in being voted the best life insurance company in Taiwan for six consecutive years. Primus Financial intends to build on Nan Shan's many strengths, reinforce the company's leading position in Taiwan and expand it into a pan-Asian financial services company headquartered in Taiwan.
Mr. Robert Morse, Chairman and Co-Chief Executive Officer of Primus Financial and Vice-Chairman of China Strategic, said, "We are deeply honored to be given stewardship of Nan Shan's 46-year heritage, and we have the highest respect for Nan Shan's dedicated management team, agents and employees who have built Nan Shan into the prominent Taiwanese institution that it is today. We aim to develop Nan Shan into a leading Taiwan-based, pan-Asian financial services company, and Nan Shan's management team, agents, and employees are an integral part of this vision. We also believe that a strong and competitive Nan Shan is important for the overall Taiwanese financial landscape."
Deutsche Bank AG acted as financial advisor to Primus Financial on this transaction, while Simpson Thacher & Bartlett LLP and LCS & Partners acted as international and domestic legal counsel respectively.
This transaction is subject to the satisfaction of certain conditions, including receipt of regulatory approval.
About Primus Financial Holdings Ltd.
Primus Financial is one of Asia's largest independent financial services investment companies. Primus Financial is a strategic operator in the financial services industry, with deep operational experience and long-term financial capabilities dedicated to building a pan-Asian financial institution encompassing insurance, banking, brokerage, advisory and wealth management services. Primus Financial is led by a team of highly experienced and successful executives, including Chairman and Co-CEO Mr. Robert Morse, and Co-CEO Mr. Wing-Fai Ng. Primus Financial's investors comprise some of the most respected and wealthiest families in Asia, as well as global institutional investors. More information is available on the company's website www.primus.com
About China Strategic Holdings Ltd.
China Strategic is listed on the Stock Exchange of Hong Kong under 00235.HK
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