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January 23, 2018

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Home » Business » Finance

AIG to buy Validus for US$5.6b

Source: AFP | 00:01 UTC+8 January 23, 2018 | Print Edition

LEADING global insurer AIG announced a US$5.6 billion deal yesterday to purchase Validus Holdings, expanding its portfolio of insurance services.

American International Group Inc will acquire all outstanding common shares of Validus, a leading provider of reinsurance, primary insurance, and asset management services, the companies said.

Validus shareholders will receive US$68 per share.

"Validus is an excellent strategic fit for AIG, bringing new businesses and capabilities to our General Insurance operation," AIG chief Brian Duperreault said.

"With our global scale and the strength of our balance sheet, I am confident that Validus will thrive within AIG and strengthen our ability to deliver profitable growth for our shareholders as we strategically position AIG for the future."

AIA said the deal is expected to close in mid-2018.

During the 2008 global financial crisis, AIG was rescued in a government bailout of US$182 billion amid its close links with other key financial institutions. The sum was later repaid by AIA.

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