(Bloomberg) — American International Group Inc. agreed to sell commercial and consumer units in nations including Argentina and Turkey to Prem Watsa's Fairfax Financial Holdings Ltd. for $240 million as Chief Executive Officer Peter Hancock narrows his company's focus.
Fairfax will also acquire renewal rights on the portfolio of business written by AIG's Central and Eastern European operations in countries including Poland, the New York-based insurer said Tuesday in a statement.
Hancock is focusing on property-casualty coverage in nations such as the U.S. and Japan where his company enjoys large market share. He reached a deal in August to sell a mortgage guarantor to Arch Capital Group Ltd. and said this month that it was scaling back in Brazil after agreeing to transfer auto policies to a unit of Porto Seguro SA.
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