Insurance blog by John Lewis

AIG sells Indian IT component to MphasiS

AIG has agreed terms with Indian software unwavering MphasiS to sell its Indian-based IT services and solutions entity.

MphasiS acquired AIG Systems Solutions Private for an undisclosed sum.

The item provides IT services to AIG companies around the world. Over 800 people are employed past the unit in the Indian cities of Chennai and Kolkata.

Shares in MphasiS rose by means of as much as 4.3% after the acquisition was announced.

MphasiS gets verging on 39% of its revenue from financial services and insurance industry clients.

The cartel expects to boost its insurance industry offerings with the acquisition.

Moneyed raised by AIG from the sale will be used to a rebate back some of the $80 billion it owes to US taxpayers.

AIG also announced the exchange of its Hong Kong finance business to a Chinese bank someone is concerned $70 million cash and $557 million in debt.

Even more:

• AIG sells mouldy Hong Kong consumer finance business
• GMAC divests fortune & casualty business
• Prudential fails to bust the price of AIA
• Wonder seeks to raise £500m ahead of IPO
• Amlin reports note first-half earnings

 

Categories: Auto insurance, News

Leave a comment