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American International Group, Inc. announced that its subsidiaries American Home Assurance Company and AIU Insurance Company will purchase the insurance portfolio of the Royal & SunAlliance (RSA) branch operations in Japan.

The agreed on purchase price of the book of business is £92 million ($170 million). ÌìÃÀÍøÕ¾´«Ã½´«Ã½’s bulletin said it “expects ongoing annual gross premiums to approximate 11 billion Yen [around $100 million]. The book of business will be administered through the existing AIU and American Home infrastructure in Japan.”

Robert Clyde, President, ÌìÃÀÍøÕ¾´«Ã½´«Ã½ Companies in Japan and Korea, commented: “The acquisition of this book of business is good for the RSA policy holders and a good strategic fit for ÌìÃÀÍøÕ¾´«Ã½´«Ã½. It will provide substantial opportunities to profitably expand ÌìÃÀÍøÕ¾´«Ã½´«Ã½’s presence in Japan in several important markets, including personal accident, commercial property and marine insurance. The AIU and American Home units are respectively the leading foreign property-casualty insurance and direct marketing insurers in Japan, and ÌìÃÀÍøÕ¾´«Ã½´«Ã½’s presence in Japan dates back 50 years. We have a long term commitment to Japan and a strong established infrastructure to provide these policyholders very responsive service and support.”

The transaction is subject to regulatory approvals and other customary conditions.

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