AIG Chile Compañía de Seguros Generales S.A. said Fairfax Latin America took control of the company effective July 31 after acquiring 99.99% of its share capital, according to an Aug. 1 securities filing.
Fairfax Latin America bought 60,440 company shares from AIG Latin America Investments, SL Agencia en Chile and nine shares from AIG Latin America Holdings LLC while Faifax Holdings acquired one stock from AIG Latin America Holdings LLC, the filing noted. Terms of the deal were not disclosed.
In addition, the insurance company said that Directors Juan Luis Campos Sánchez, Horacio Enrique Escafidi, and Ariel Néstor Polli have presented their resignations and will be replaced by Simon Bobbin, Fabricio Campos and Bijan Khosrowshahi. The entire board will be renewed in its upcoming shareholder ordinary meeting, the company noted.
Fairfax had announced its intentions to acquire certain AIG units in Latin America in Oct. 2016.