(Bloomberg) -- American International Group Inc. agreed to sell operations in Central America to closely held Assa Cia. de Seguros, as the insurer continues to sell assets to free up capital.
The Panama-based holding company will acquire AIG businesses in that nation, as well as El Salvador, Guatemala and Honduras, according to a statement issued Thursday. Terms weren’t disclosed.
Chief Executive Officer Peter Hancock has been selling assets to focus on the property-casualty, life and mortgage- insurance businesses. The sales have freed up capital for share buybacks and dividends. In August, the New York-based insurer sold the last of its stake in aircraft lessor AerCap Holdings NV, and received more than $400 million in the second quarter for its interest in Springleaf Holdings.
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