Credicorp Buys Alico’s Pacifico Stakes

Peruvian financial conglomerate Credicorp says it is acquiring a 20.1% stake in Pacifico Seguros and a 38.0% stake in Pacifico Vida from US-based American Life Insurance Co. (Alico) for $170m in cash. Alico is owned by AIG through a SPV, though the parent is in the process of selling the company to MetLife. The acquisition of the Pacifico shares brings Credicorp’s stakes in Pacifico Seguros to 96% and to 100% in Pacifico Vida. “These are acquisitions that we have been planning ever since AIG ran into trouble,” says a Credicorp spokeswoman. AIG, which had to be bailed out by the US government in 2008, is expected to complete the sale of Alico in the next few months, according to company information. Credicorp’s spokeswoman says the company will finance the acquisition with cash on hand. “We had set aside funds so we could be able to finance the deal once we were able to execute it,” she says, adding that the deal was negotiated privately.