Business

AIG Insurance company closes business in Uganda

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American International Group (AIG) is folding it’s insurance business in Uganda just days after it emerged that the company had sold its stake of shares to Emerald Acquisition Ltd.

In a statement, AIG said it’s creating a simplified organisation that positions them to achieve their global strategy based on capabilities and market and market opportunities.

“After careful consideration and in-depth review, AIG will stop offering insurance products in the general market in Uganda,” said the statement.

According to management, “AIG will embark on a phased withdrawal from the Ugandan insurance market and our existing clients will continue to receive full policy administration and claims support for the remaining period of their policies.”
Emerald Acquisition Ltd bought a new stake in shares of American International Group Inc. (NYSE:AIG) during the second quarter, according to its most recent 13F filing with the SEC.

The firm bought 2,709,834 shares of the insurance provider’s stock, valued at approximately $143,219,000. Emerald Acquisition Ltd. owned 0.24% of American International Group as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of the stock.

Standard Life Investments LTD boosted its stake in American International Group by 0.7% in the second quarter. Standard Life Investments LTD now owns 4,559,523 shares of the insurance provider’s stock worth $241,085,000 after buying an additional 33,662 shares during the last quarter. Orbis Allan Gray Ltd bought a new stake in American International Group during the first quarter worth $215,015,000.

Swiss National Bank boosted its stake in American International Group by 0.3% in the second quarter. Swiss National Bank now owns 3,222,056 shares of the insurance provider’s stock worth $170,415,000 after buying an additional 8,200 shares during the last quarter. Renaissance Technologies LLC bought a new stake in American International Group during the first quarter worth $88,434,000.

Finally, Aberdeen Asset Management PLC UK boosted its stake in American International Group by 0.6% in the second quarter. Aberdeen Asset Management PLC UK now owns 1,588,107 shares of the insurance provider’s stock worth $83,994,000 after buying an additional 9,816 shares during the last quarter. 84.54% of the stock is currently owned by hedge funds and other institutional investors.

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