American International Group Inc. said Tuesday it has agreed to sell Latin American, Central and East European operations to property and casualty insurer Fairfax Financial Holdings Ltd., in a deal valued at $240 million. AIG will sell its local commercial and consumer insurance operations in Argentina, Chile, Colombia, Uruguay, Venezuela, and Turkey. Fairfax will also acquire renewal rights for the local business written by AIG's operations in Bulgaria, Czech Republic, Hungary, Poland, Romania, and Slovakia, and assume AIG's CEE operating assets and employees. AIG shares were flat premarket, but are down 2.7% in the year so far, while the S&P 500 has gained 4%.
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