LONDON--(BUSINESS WIRE)--Jan. 28, 2013--
American International Group, Inc. (NYSE: AIG) today announced that it
has entered into 10-year bancassurance agreements with HSBC Group
companies under which AIG will become the exclusive provider of non-life
insurance products to HSBC Group customers in Turkey and France, as well
as in other countries in Continental Europe as may be agreed. AIG
expects to pay a total consideration of approximately US$55 million for
the exclusive distribution access in Turkey and France, and expects to
launch the partnerships in the first half of 2013.
Turkey represents one of AIG’s strategic business expansion countries.
The distribution arrangement will allow for the significant advancement
of this strategy through a bancassurance relationship providing enhanced
access into the country’s consumer and commercial SME non-life insurance
Dan Doherty, President of Consumer Insurance for AIG’s EMEA region,
said, “We are pleased that this long-term collaboration will allow us to
expand our existing distribution arrangement and operations platforms
with HSBC in Turkey, while offering the opportunity to develop new
capabilities over the life of the relationship. We are particularly
excited about our increased access to offer Accident & Health products
to this key market.”
The relationship also includes the acquisition of HSBC’s French non-life
subsidiary, HSBC Assurances IARD (HAI), for total consideration of
US$14.5 million, consisting of a completion purchase price of US$13.3
million and a contingent deferred payment of up to US$1.2 million based
upon written premiums in 2013.
Mr. Doherty continued: “Our strategic partnership with HSBC in France
will allow us to deliver value added insurance solutions to HSBC’s
customer base. We are delighted with the enhanced capacity to further
the growth of our core consumer platform in France.”
The partnership is conditional upon the parties agreeing
country-specific agreements in France and Turkey and the completion of
the HAI acquisition is conditional on receipt of customary regulatory
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
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.
Products and services are written or provided by subsidiaries or
affiliates of American International Group, Inc. (AIG). Not all products
and services are available in every jurisdiction, and insurance coverage
is governed by actual policy language. Certain products and services may
be provided by independent third parties under contract with AIG or its
subsidiaries or affiliates. Insurance products may be distributed
through affiliated or unaffiliated entities. In Europe, the principal
insurance provider is AIG Europe Limited.
Source: American International Group, Inc.
American International Group, Inc.
Marie Ali, +44 (0)
20 7651 6396