primus

Despite making numerous concessions to ensure regulatory approval, the Financial Supervisory Commission rejects the Primus consortium's plan to buy the Nan Shan life insurance unit for $2.15 billion.

$325 million of the purchase price will be placed in escrow to support Nan Shan's capital ratio as Primus and China Strategic try to convince the Taiwan regulator to approve the acquisition of the life insurer.

Financial services-focused private equity firm Primus Financial buys US inter-dealer broker Chapdelaine & Company.

Taiwan's Chinatrust Financial Holdings will buy 30% of Nan Shan Life Insurance from the Primus-led consortium for $660 million.

The $2.15 billion sale of the Taiwanese insurer gives AIG additional cash to pay back the US government, while Primus gets a start in the insurance industry.