AIG to merge Japanese property/casualty unitsReprints
American International Inc.’s property/casualty units in Japan will start operating on a consolidated basis in April before integrating fully later in the year, the insurer announced on Monday.
The move follows the sale of AIG’s life insurance operations in Japan in November.
AIG Japan Holdings KK said in a statement that it will complete the merger of its wholly-owned subsidiaries, AIU Insurance Co. Ltd. and Fuji Fire and Marine Insurance Co. Ltd. by Jan. 1, 2018.
Upon completion, Kenneth Reilly, will become president and CEO of the new company, to be called AIG General Insurance Co. Ltd. Mr. Reilly is currently president and CEO of AIU.
Consolidated operations will begin under a pre-merger structure from April 1, 2017 as the companies enter the final phase of preparation ahead of the launch of AIG General Insurance on January 1.
The merger is subject to regulatory approval.