AIG’s unit to take majority of Japanese Fuji Fire and Marine

Chartis Non-life Holding Co, the property and casualty unit of US insurer AIG (NYSE:AIG), will pay JPY13.5bn (USD147m/EUR105m) to gain majority in Japanese sector player Fuji Fire and Marine Insurance (TYO:8763), the latter said today.

Fuji Fire and Marine will issue new shares to its main shareholder, Chartis Non-life Holding, thus raising the latter's voting rights to 54.79% from 41.69%. The move will enable the Japanese property and casualty insurer to boost its finances, the company said in a statement.

AIG acquired the interest in Fuji and Marine Insurance in 2002.

Country: Japan

Sector: Insurance

Target: Fuji Fire and Marine Insurance Co Ltd

Buyer: Chartis Non-life Holding Company (Japan) Inc

Deal size in USD: 147m

Type: Corporate acquisition

Financing: Rights issue

Status: Agreed

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