(Bloomberg) – American International Group Inc.'s business in Brazil agreed to transfer about 25,000 auto policies to a unit of Porto Seguro SA as the U.S. company scales back its international businesses.
The deal is subject to regulatory approval, Sao Paulo-based Porto Seguro said Monday in a regulatory filing that didn't disclose terms.
AIG will stop offering home, personal accident and group life coverage in Brazil, the company said in a separate statement. The firm said it will cover those clients for the remainder of their policies, while the auto portfolio will be managed until approvals are granted.
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