American International Group Inc., one of the world’s largest insurance firms, received a license to set up a non-life company in Viet Nam in late 2005.
The new company, called AIG Viet Nam, is the first U.S.-based non-life insurer to be licensed from the Vietnamese government.
AIG Viet Nam will have the headquarters in Hanoi and a branch in Ho Chi Minh City. It will sell property-casualty insurance products to both individuals and businesses, the company said.
AIG Viet Nam will focus on major industries in Viet Nam like petroleum, infrastructure and power, said Terence Anderson, AIG chief representative in the country.