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Terms of the sale were not disclosed.
AIG is selling Inversora Pichincha S.A., a provider of consumer finance products in Colombia with approximately 140,000 customers, 19 branches located in the main urban centers and a distribution model that includes agreements with more than 100 automobile dealerships, 274 state entities and 1,500 companies, AIG said in a statement.
On the same day, AIG closed on the $2 billion sale of 21st Century Group to Farmers Insurance Group (BestWire, July 1, 2009).
AIG has been selling assets to help repay a federal rescue program, which has grown to up to $182.5 billion in loans and other assistance and has kept AIG solvent since September 2008 as it reorganizes.
Both 21st Century Insurance Cos. and Farmers Insurance Group currently have Best's Financial Strength Ratings of A (Excellent). Most AIG insurance companies currently have a Best's Financial Strength Rating of A (Excellent) with a negative outlook.
(By Alyn Ackermann, senior associate editor, BestWeek: Alyn.Ackermann@ambest.com)
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