AIG sold its insurance operations in Bulgaria to Fairfax, effective 01.06.2017Thursday 1. June 2017
The American Insurer AIG entered into a strategic partnership with Fairfax Financial Holdings Limited (“Fairfax”) under which “Colonnade Insurance S.A”, a wholly owned subsidiary of Fairfax, purchased the insurance operations of AIG Europe Limited - Bulgaria branch.
“Colonnade Insurance S.A.” is registered in Luxembourg and is wholly owned by Fairfax Financial Holdings Limited (Fairfax), a company listed on the Toronto Stock Exchange. Through its subsidiaries, Fairfax writes a wide variety of property and casualty insurance and reinsurance business in a number of territories, including Canada, the US, Europe and Asia. Fairfax is a company of considerable financial strength. It had Gross Written Premiums of US$ 9.5 billion in 2016 and shareholders’ equity of US$ 11.8 billion and assets under management of approximately US$ 43.2 billion.
In October 2016, Fairfax announced its intent to enter into strategic partnership with AIG which included transferring its local commercial and consumer insurance operations in Argentina, Chile, Colombia, Uruguay, Venezuela and Turkey. Fairfax will also acquire renewal rights for the portfolio of local business written by AIG’s operations in Bulgaria, Czech Republic, Hungary, Poland, Romania and Slovakia
At the end of May, AIG has completed the sale of its insurance branch operations in Bulgaria to Colonnade Insurance S.A.- Bulgaria Branch. Effective 1st June 2017, “Colonnade Insurance S.A. – Bulgaria branch” will administer on behalf of AIG the current portfolio of AIG policies. The insurance cover will continue to be provided by AIG until their expiry. At renewal, AIG will not quote for continuation of the insurance cover as it is not continuing its direct insurance operations in the country. However, “Colonnade Insurance S.A - Bulgaria Branch” will be able to offer renewal terms.
AIG’s employees in Bulgaria will also transfer to “Colonnade Insurance S.A. – Bulgaria Branch” as part of the same sale which will ensure a seamless transition to all clients and policyholders. “Colonnade Insurance S.A. – Bulgaria Branch” experienced staff is committed to delivering first-class customer service and innovative solutions to all partners and clients.