(Bloomberg) – American International Group Inc.'s business in Brazil agreed to transfer about 25,000 auto policies to a unit of Porto Seguro SA as the U.S. company scales back its international businesses.
The deal is subject to regulatory approval, Sao Paulo-based Porto Seguro said Monday in a regulatory filing that didn't disclose terms.
AIG will stop offering home, personal accident and group life coverage in Brazil, the company said in a separate statement. The firm said it will cover those clients for the remainder of their policies, while the auto portfolio will be managed until approvals are granted.
|Retreating from personal insurance in some regions
AIG Chief Executive Officer Peter Hancock is retreating from personal insurance in some regions, telling investors in an annual report that he would exit 47 countries to concentrate on key markets. The New York-based company has sold units in Central America and Taiwan, as well as shares in Chinese insurer PICC Property & Casualty Co.
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