AIG Private Client Group to Transition Upper Middle Market Clients to Safeco and Heritage
June 29 2020 - 8:30AM
Business Wire
American International Group, Inc. (NYSE: AIG) today announced
that it has entered into an agreement with Safeco Insurance, a
Liberty Mutual Company, and Heritage Insurance Holdings, Inc.
(NYSE: HRTG), to offer AIG Private Client Group’s (PCG) agents the
ability to transition their upper middle market personal insurance
business to Safeco and Heritage. This transition will take place
beginning in the fourth quarter of 2020, subject to regulatory
requirements in relevant jurisdictions.
AIG will transition a select portion of its personal insurance
business that provides upper middle market clients with home, auto
and umbrella insurance policies to Safeco and Heritage. This
transaction further reflects AIG Private Client Group’s strategy to
focus on the high net worth segment, where it is a recognized
market leader.
“Building on the recent launch of Lloyd’s Syndicate 2019 and the
refinement of PCG’s risk appetite, this agreement optimizes our
portfolio and allows us to focus on our relationships with our high
net worth clients and distribution partners, thereby strengthening
our core value proposition,” said Kathleen Zortman, President &
Chief Executive Officer of Private Client Group, AIG General
Insurance. “We look forward to working with Safeco and Heritage to
provide AIG PCG’s upper middle market agents and their customers
with a seamless transition.”
“As the carrier champion of independent agents, we have
world-class book transfer capabilities to ensure a smooth
transition for agents and customers,” says Gary Fischer, Senior
Vice President of Independent Agency Channel Growth and Engagement
at Safeco Insurance. “We look forward to partnering with AIG agents
to leverage our expanding selection of premier products to help
them grow their preferred, upper middle market book with
Safeco.”
Bruce Lucas, Chairman & CEO for Heritage Insurance Holdings,
Inc., added, “We are excited to partner with leading personal lines
insurance carriers that share our core values. Heritage is known in
the industry for our coastal property expertise, offering
competitive products, providing excellent policyholder service, and
settling claims quickly and fairly. We look forward to partnering
with AIG agents, who can expect a seamless transition and strong
opportunities for continued growth in the upper middle market
customer segment.”
About AIG
American International Group, Inc. (AIG) is a leading global
insurance organization. AIG member companies provide a wide range
of property casualty insurance, life insurance, retirement
solutions, 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.
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 jurisdictions, and coverage is subject to
underwriting requirements and 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 Safeco Insurance
In business since 1923, Safeco Insurance sells personal
automobile, homeowners and specialty products through a network of
more than 10,000 independent insurance agencies throughout the
United States. Safeco works hard to be the carrier champion of the
independent agent. In a survey conducted in 2020 by Channel
Harvest, independent agents named Safeco as the carrier that does
more than others to support the overall growth of agencies. Safeco
is a Liberty Mutual Insurance company, based in Boston, Mass. For
more information about Safeco Insurance, go to www.safeco.com.
About Heritage
Heritage Insurance Holdings, Inc. is a super-regional property
and casualty insurance holding company. Through its insurance
subsidiaries – Heritage Property & Casualty Insurance Company,
Narragansett Bay Insurance Company and Zephyr Insurance Company –
and a large network of experienced agents, the Company writes over
$950 million of consolidated gross personal and commercial
residential premium across its multi-state footprint. The Company
is listed on the New York Stock Exchange under symbol HRTG.
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version on businesswire.com: https://www.businesswire.com/news/home/20200629005386/en/
AIG: Sabra Purtill (Investors): sabra.purtill@aig.com
Shelley Singh (Investors): shelley.singh@aig.com Matt Gallagher
(Media): matthew.gallagher2@aig.com
Safeco: media@libertymutual.com
Heritage: Arash Soleimani (Investors and Media):
asoleimani@heritagepci.com
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