American International Group Inc. has reached an agreement with Unibanco-Uniao de Bancos Brasileiros SA to acquire a 50% stake in Prever SA Seguros e Previdencia, one of the largest private pension companies in Brazil.

The U.S. and Brazilian companies had earlier established a joint insurance venture under which they exchanged ownership of their Brazilian life and general insurance interests. Prever manages pension funds for individuals, corporations, and small to medium-size companies.

AIG, one of the leading U.S.-based international insurance companies, operates in about 130 other countries and has been rapidly diversifying its worldwide financial services.

AIG this month acquired Banku Podlaskiego, a Polish bank with operations directed primarily at consumers and small businesses that offers personal, auto, and small-business loans and mortgages.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.