Deals
Richard Li’s FWD Poised to Buy AIG Unit in First Japan Foray
- Sale will make AIG a ‘leaner insurer,’ CEO Hancock says
- Insurer will still offer property-casualty coverage in Japan
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Hong Kong tycoon Richard Li is poised to buy American International Group Inc.’s Fuji Life Insurance Co. business, a deal that marks his FWD Group’s first foray into Japanese insurance.
AIG will continue to offer property-casualty coverage in the Asian country, the New York-based company said Monday in a statement announcing the sale, without disclosing terms. The agreement marks FWD’s entry into Japan since its 2013 founding, according to the statement.