NEW YORK--(BUSINESS WIRE)--Jan. 5, 2015--
American International Group, Inc. (NYSE:AIG) today announced the
completion of its previously agreed acquisition of Ageas Protect
Limited, a leading provider of term life, critical illness, and income
protection coverage to over 350,000 consumers in the UK, Channel Islands
and Isle of Man. AIG's agreement to acquire Ageas Protect was announced
in August 2014.
AIG has been present in the UK insurance market for over 50 years and is
known for its expertise in underwriting, distribution and marketing, as
well as for its network of strong commercial relationships.
Ageas Protect is recognised in the industry for product innovation, the
effective use of technology and high quality service. AIG believes that
the acquisition will enhance its Consumer Insurance business and
strengthen its capability in the UK, where it already 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.
“We are excited by this opportunity to strengthen AIG’s presence in the
UK life protection market and look forward to working with the
management, employees and distributors who have done such a great job in
growing Ageas Protect into a leading market presence in such a short
time,” said Kevin Hogan, AIG Chief Executive Officer of Consumer
Insurance. “The acquisition of Ageas Protect helps drive the continued
expansion of AIG’s Consumer portfolio of insurance solutions designed to
meet consumer needs for financial and retirement security. By building
on shared values such as product innovation and service excellence, we
will ensure that AIG becomes the most valued insurer to even more
consumers in the UK and everywhere we do business.”
American International Group, Inc. (AIG) is a leading international
insurance organization serving customers in more than 130 countries. 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
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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.
Source: American International Group, Inc.
American International Group, Inc. (AIG)
Stephen Muir, +44-207-954-8288