American International Group, Inc. (NYSE: AIG) and Munich Re
announced today that AIG Life Ltd. (AIGLL), a UK subsidiary of AIG
Life & Retirement, has agreed to acquire Ellipse, a specialist
provider of group life risk protection in the UK, from Munich
Re.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20180620005235/en/
Ellipse’s group protection capabilities, which include life,
critical illness and income protection products, along with its
technology-enabled business model with high levels of straight
through processing, will position AIGLL to efficiently manage group
risk schemes for companies of all sizes.
Kevin Hogan, Executive Vice President and Chief Executive
Officer, AIG Life & Retirement, said, “The acquisition of
Ellipse reflects our disciplined approach to selectively expanding
our existing Life & Retirement businesses while pursuing
opportunistic growth. Ellipse brings a strong team with a scalable
business platform to our well-positioned, technology-driven UK life
business. We look forward to welcoming the Ellipse team to
AIG.”
“Ellipse’s group life business is highly complementary to AIG’s
existing UK Individual Protection offering. It positions us to
capitalize on the strong growth potential in the UK group market by
allowing us to provide a holistic suite of innovative protection
products that better serve our clients and partners,” said Adam
Winslow, CEO, AIGLL. “Additionally, I’m excited to start working
side by side with our Ellipse colleagues, who share a similar
culture and entrepreneurial spirit, a mono-line protection focus
and recognized technology leadership.”
Thomas Braune, Munich Re’s Chief Executive of Life and Health
Reinsurance in Europe, Latin America and the Middle East, said, “We
are glad to have found a trusted partner for this deal in AIG,
pairing the right strategic fit on their side with a good
opportunity for us to re-focus our UK market approach. This is a
great opportunity for both sides and we are looking forward to
completing this deal soon.”
Lee Lovett, Chief Executive Officer of Ellipse, added, “I would
like to thank Munich Re for supporting the development and growth
of Ellipse over the last 9 years, such that we are now recognized
as a mainstream group risk insurer. We now look forward to the next
exciting chapter of our growth story with our new owner, AIG
Life.”
Since its launch in 2009, Ellipse has grown to become the 6th
largest UK group life provider based on 2017 new business volumes.
Ellipse has reached an 8% share of new business premiums and a 4%
share of in-force premiums in 2017. As of May 2018, the company
holds approximately £64 million of in-force premiums and nearly
4,500 in-force policies covering over 370,000 lives.
The transaction, the terms of which were not disclosed, will be
fully funded with cash. The acquisition is expected to close in the
first quarter of 2019, subject to required regulatory approval.
Munich Re was advised by Fenchurch Advisory Partners.
About AIG
American International Group, Inc. (AIG) is a leading global
insurance organization. Founded in 1919, today AIG member companies
provide a wide range of property casualty insurance, life
insurance, retirement products, and other financial services to
customers in more than 80 countries and jurisdictions. These
diverse offerings include products and services that help
businesses and individuals protect their assets, manage risks and
provide for retirement security. 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
www.twitter.com/AIGinsurance | LinkedIn:
www.linkedin.com/company/aig. These references with additional
information about AIG have been provided as a convenience, and the
information contained on such websites is not incorporated by
reference into this press release.
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.
About Munich Re
Munich Re is one of the world’s leading providers of
reinsurance, primary insurance and insurance-related risk
solutions. The corporate group consists of the reinsurance and ERGO
business segments, together with the capital investment company,
MEAG. The Group operates in all lines of insurance. Ever since it
was founded in 1880, Munich Re has been known for its unrivalled
risk-related expertise and its particularly sound financial
position. It also offers its clients financial protection when
faced with extraordinarily high levels of damage – from the 1906
earthquake in San Francisco right through to the series of Atlantic
hurricanes that occurred in 2017. Munich Re possesses outstanding
innovative strength, which enables it to also provide cover for
extraordinary risks such as rocket launches, renewable energies,
cyber attacks or pandemics. The company is playing a key role in
driving forward the digital transformation within its industry and
in doing so is increasing its ability to assess risks and expanding
upon the range of services that it offers. Its tailor-made
solutions and close proximity to its clients make Munich Re one of
the world’s most sought-after risk partners for the economy,
institutions and private individuals.
Forward-Looking Statements
AIG
Certain statements in this press release constitute
forward-looking statements. These statements are not historical
facts but instead represent only AIG’s belief regarding future
events, many of which, by their nature, are inherently uncertain
and outside AIG’s control. It is possible that actual results will
differ, possibly materially, from the anticipated results indicated
in these statements. Factors that could cause actual results to
differ, possibly materially, from those in the forward-looking
statements are discussed throughout AIG’s periodic filings with the
SEC pursuant to the Securities Exchange Act of 1934.
Munich Re
This press release contains forward-looking statements that are
based on current assumptions and forecasts of the management of
Munich Re. Known and unknown risks, uncertainties and other factors
could lead to material differences between the forward-looking
statements given here and the actual development, in particular the
results, financial situation and performance of our Company. The
Company assumes no liability to update these forward-looking
statements or to conform them to future events or developments.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20180620005235/en/
AIGInvestors: Liz Werner; +1-212-770-7074;
elizabeth.werner@aig.comMedia: Daniel O’Donnell; +1-212-770-3141;
daniel.odonnell@aig.comKenny Juarez; +1-212-458-8352;
kenny.juarez@aig.comorMunich ReMedia: David Fl�tner;
+49-3891-2965; dfloetner@munichre.com
American (NYSE:AIG)
Historical Stock Chart
From Mar 2024 to Apr 2024
American (NYSE:AIG)
Historical Stock Chart
From Apr 2023 to Apr 2024