(Bloomberg) -- American International Group Inc. agreed to selloperations in Central America to closely held Assa Cia. de Seguros,as the insurer continues to sell assets to free up capital.

The Panama-based holding company will acquire AIG businesses inthat nation, as well as El Salvador, Guatemala and Honduras,according to a statement issued Thursday. Terms weren’tdisclosed.

Chief Executive Officer Peter Hancock has been selling assets tofocus on the property-casualty, life and mortgage- insurancebusinesses. The sales have freed up capital for share buybacks anddividends. In August, the New York-based insurer sold the lastof its stake in aircraft lessor AerCap Holdings NV, and receivedmore than $400 million in the second quarter for its interest inSpringleaf Holdings.

Related: AIG doubles dividend, lifts buyback as profit topsestimates

Assa’s “deep understanding of the Central American insurancemarket will help ensure that customers in the region will continueto receive a full range of products and services,” James Dwane,president of AIG’s Latin America and Caribbean businesses, said inthe statement.

AIG shares rose 1.6 percent to $58.95 at 2:34 p.m. in New York.It has climbed 5.3 percent this year.

Hancock also sold about $500 million of its stake in PICCProperty & Casualty Co. this year, and agreed in June to sell abusiness in Taiwan that’s focused on consumers and smallbusinesses.

--With assistance from Katherine Chiglinsky in New York.

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