Aflac Inc. may bid to acquire one of American International Group Inc.’s Japanese life insurance assets, Bloomberg News reported.
Aflac may attempt to purchase the Alico Japan life insurance unit, which AIG is putting up for sale, Aflac CEO Daniel Amos told Bloomberg Television. Aflac gets 70 percent of its sales in Japan.
Alston & Bird and Skadden, Arps, Slate, Meagher & Flom have handled some corporate work for the Columbus, Ga. insurance company in recent years. Alston advised Aflac as a creditor seeking claims in the Parmalat bankruptcy case, according to Alston’s web site. Skadden partner Michael P. Rogan in 2006 advised Aflac on a securities offering in connection with a deferred compensation plan. Skadden counsel Nancy G. Rubin in Washington has advised Aflac on general corporate and securities matters, according to the law firm’s web site.
Aflac’s general counsel, Joey M. Loudermilk, has been with the company since 1983.
Aflac is most interested in Alico because of the similarity of the products they offer, Amos said. Alico is Japan's fifth-largest life insurer.
“Alico has been a competitor of ours for years, and we think Alico has a lot of potential in terms of an acquisition,” Amos said Oct. 10.
AIG said Oct. 3 it is seeking to sell life insurance and retirement businesses as it tries to repay an $85 billion loan extended by the U.S. government to keep the insurer from collapsing, Bloomberg said. In addition to Alico, AIG is selling its AIG Edison Life Insurance Co. and AIG Star Life Insurance Co. units in Japan.