NEW YORK--(BUSINESS WIRE)--Jan. 3, 2017--
American International Group, Inc. (NYSE:AIG) today announced that on
December 31, 2016 it successfully completed the sale of United Guaranty
Corporation (UGC) to Arch Capital Group Limited (NASDAQ:ACGL). The deal
was originally announced in August 2016.
“We are pleased to complete the sale of UGC,” said Peter D. Hancock,
President and Chief Executive Officer of AIG. “With this transaction,
AIG has taken another step in simplifying our organization to become a
leaner, more focused insurance company committed to our vision of being
our clients’ most valued insurer. We believe UGC and the outstanding
professionals who work there have gained a strong partner in Arch to
continue to grow and facilitate home ownership for consumers and provide
valuable and necessary protection to mortgage lenders.”
UGC is the leading private mortgage insurance company in the United
States with $186.4 billion of first-lien primary mortgage insurance in
force as of September 30, 2016. UGC has active relationships with nearly
1,700 customers and approximately 1,000 employees including a national
sales force of approximately 100 professionals. UGC is headquartered in
Greensboro, North Carolina.
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, mortgage insurance and other financial services to customers
in more than 100 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
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.
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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170103005625/en/
Source: American International Group, Inc.
Matt Gallagher, 212-458-3247