AIG Agrees to Acquire Leading UK Life Protection Carrier Ageas Protect from Ageas Group
August 06 2014 - 1:28AM
Business Wire
American International Group, Inc. (NYSE:AIG) today announced
that it has agreed to acquire Ageas Protect Limited from Ageas
Group, the Belgium-based international insurer. Total transaction
consideration is £181 million (approximately USD $305 million),
subject to closing adjustments. The transaction is expected to
close in the fourth quarter of 2014, pending regulatory
approval.
Ageas Protect is a leading provider of life protection products
in the UK, offering term life, critical illness, and income
protection coverage to consumers. It was launched in July 2008 and
today has a 4.8% share of new protection business across the UK
market, and an 8.4% share of the important UK Independent Financial
Advisor (“IFA”) channel. The company produced premiums of £91.8
million in 2013, employs approximately 220 people in the UK, and
has over 300,000 customers in the UK, Channel Islands, and Isle of
Man.
“UK life protection is an attractive market for AIG,” said Kevin
Hogan, Chief Executive Officer of Global Consumer Insurance, AIG.
“We are excited about the prospect of enhancing AIG’s significant
presence and existing insurance offerings in the UK, and we are
committed to the management team, employees, and distributors who
have made Ageas Protect the strong company it is today.”
Ageas Protect will become part of AIG’s Global Consumer
business, which in the UK offers personal accident, health, and
travel insurance coverage to consumers, as well as customized
insurance solutions for high net worth individuals through AIG
Private Client Group.
American International Group, Inc. (AIG) is a leading
international insurance organization serving customers in more than
130 countries and jurisdictions. AIG companies serve commercial,
institutional, and individual customers through one of the most
extensive worldwide property-casualty networks of any insurer. In
addition, AIG companies are leading providers of life insurance and
retirement services in the United States. AIG common stock is
listed on the New York Stock Exchange and the Tokyo Stock
Exchange.
Additional information about AIG can be found at www.aig.com |
YouTube: www.youtube.com/aig |Twitter: @AIGInsurance | LinkedIn:
http://www.linkedin.com/company/aig |
AIG is the marketing name for the worldwide property-casualty,
life and retirement, and general insurance operations of American
International Group, Inc. For additional information, please visit
our website at www.aig.com. All products and services are written
or provided by subsidiaries or affiliates of American International
Group, Inc. Products or services may not be available in all
countries, and coverage is subject to actual policy language.
Non-insurance products and services may be provided by independent
third parties. Certain property-casualty coverages may be provided
by a surplus lines insurer. Surplus lines insurers do not generally
participate in state guaranty funds, and insureds are therefore not
protected by such funds.
AIGInvestors:Liz Werner,
212-770-7074elizabeth.werner@aig.comorMedia:Matt Gallagher,
212-458-3247matthew.gallagher2@aig.comorMedia, UK:Marie Ali,
+44-207-651-6396marie.ali@aig.com
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