Unibanco - União de Bancos Brasileiros S.A. (“Unibanco”) and American
International Group, Inc. (“AIG”) announced today that they have entered
into an agreement to repurchase their crossholdings in Unibanco AIG
Seguros S.A. (“UASEG”) and AIG Brasil Companhia de Seguros (“AIG
Brasil”). Under the terms of the agreement, Unibanco will purchase the
shareholding in UASEG held by certain of AIG’s subsidiaries, and an AIG
subsidiary will purchase Unibanco’s shares in AIG Brasil. Unibanco AIG
Seguros S.A.’s name will be changed to Unibanco Seguros S.A. (“Uniseg”).
During the 11-year partnership, UASEG has increased its market share
from 1% to 8%. The company introduced products such as Extended
Warranty, Environmental Liability and Directors and Officers Liability
into the Brazilian market and it became a leading company in corporate
insurance and is among the top four companies in the overall Brazilian
market.
Following completion of the agreement, Unibanco will assume full control
of Uniseg and continue to grow its insurance and pension businesses. AIG
will continue to bring its insurance products and services to the
Brazilian market through AIG Brasil, while continuing to work with
Uniseg in many business opportunities, namely in reinsurance and
corporate insurance.
“With the support of both partners, UASEG developed into one of the most
profitable and successful insurance companies in the Brazilian market.
The change allows both shareholders to pursue individual objectives
while continuing to explore opportunities together,” said José Rudge,
Uniseg´s Chief Executive Officer.
“AIG has been operating in the Brazilian market for over 60 years and
looks forward to continuing to be an attractive provider of insurance
products and services in both Brazil and Latin America. This change
achieves important benefits for both AIG and Unibanco. It enables AIG to
establish an independent position in the Brazilian insurance market,
and, at the same time, to maintain a business relationship with Uniseg,”
said Hamilton Da Silva, Chief Executive Officer of AIG Latin America.
"AIG will continue to coordinate with Uniseg to provide normal services
to our multinational clients as part of our international network," said
Gustavo Covacevich, President, Group Management Division, Senior AIG
Life Executive for Brazil.
There is no impact to Uniseg´s clients, brokers and business partners
and there will be no discontinuity in its services and insurance
coverages. All the 1,600 employees and client portfolio shall remain
with Uniseg, and they will be able to count on the usual support from
the company. All current conditions foreseen in insurance contracts will
remain in full force and effect, for both individual and corporate
clients. Uniseg shall keep working on all major segments of insurance,
extended warranty, and pension plans.
About Unibanco:
Unibanco-União de Bancos Brasileiros S.A. and its subsidiaries provide
financial products and services to individual and corporate customers in
Brazil. It operates in six main segments: Retail, Wholesale, Treasury,
Insurance and Pensions, Wealth Management and Investment Banking. As of
September 30, 2008, the company operated approximately 5,700
free-standing ATMs and 965 full-service branches. The company was
founded in 1924 and is headquartered in São Paulo, Brazil. Unibanco’s
shares are listed on the São Paulo Stock Exchange and on the New York
Stock Exchange.
About AIG:
American International Group, Inc. (“AIG”), a world leader in insurance
and financial services, is the leading international insurance
organization with operations in more than 130 countries and
jurisdictions. AIG insurance companies serve commercial, institutional
and individual customers through the most extensive worldwide
property-casualty and life insurance networks of any insurer. In
addition, AIG companies are leading providers of retirement services,
financial services and asset management around the world. AIG's common
stock is listed on the New York Stock Exchange, as well as the stock
exchanges in Ireland and Tokyo.
AIG, Inc.
David Monfried, 212-770-7205
or
Unibanco
Marcelo
Mota, (55 11) 3905-1392
