AIG opens Shanghai subsidiary
American International Group (AIG) opened a wholly-owned non-life insurance subsidiary in Shanghai Monday, the Shanghai Business Journal reported. The Shanghai-based subsidiary, named AIG General Insurance China Co Ltd, has been formed from a merger of American International Underwriters (AIU) branches in Shanghai, Guangzhou, and Shenzhen. AIU manages AIG's overseas property-casualty operations. AIG is the largest foreign non-life insurer in China by premiums. It collected US$71.69 million (RMB537 million) worth of premiums in the first eight months of the year, up 9% year-on-year.