American International Group (AIG) announced an agreement on Wednesday to sell the Nan Shan Life Insurance for about 6.3 billion NT dollars to investors led by the Ruentex Group, a construction and wholesale conglomerate in Taiwan, which guarantees to protect the rights of both Nan Shan's employees and clients.

AIG's second attempt to sell Nan Shan Life Insurance ended with Ruenchen Investment Holding Co., Ltd. acquiring the company in a 62.8 billion NT deal.

Ruenchen is a joint venture between the Ruentex Group and Pou Chen Group.

Ruentex Chairman Samuel Yin says that the rights of Nan Shan workers will not change, and that Ruenchen will hold its stake in Nan Shan for at least ten years.

Yin also guaranteed no layoffs for at least two years.

Nan Shan was established in 1963, and was acquired by AIG in 1970.

Following the financial crisis in 2008, AIG announced plans to sell Nan Shan.

A previous deal in 2009 to sell Nan Shan to Primus Financial Holdings and China Strategic Holdings was rejected by the Financial Supervisory Commission in 2010 due to concerns over Chinese investment.

The Ruenchen deal will likewise require FSC approval.

Immediately after the deal was announced, the Nan Shan Insurance Trade Union released a statement advocating the settlement of all member wages.

The union further said that any changes to the employer-employee relationship should be discussed with union representatives, and that failure to do so would force the union to put on "a show of power."