|AIG AMERICAN GENERAL ACQUIRES MATRIX DIRECT, INC., A LEADING DIRECT MARKETER OF LIFE INSURANCE, FROM PROTECTIVE LIFE CORPORATION|
HOUSTON--Feb. 28, 2007--American General Life Insurance Company, a wholly owned subsidiary of American International Group, Inc. (AIG), announced today that it acquired Matrix Direct, Inc., a leading direct marketer of term life insurance, from Protective Life Corporation. Matrix Direct will become part of the domestic life insurance operations of AIG, which operate under the marketing name "AIG American General."
Matrix Direct, headquartered in San Diego, California, was founded in 1995, acquired by Protective Life in 1999, and currently has 166 employees. Matrix Direct is licensed in 49 states and the District of Columbia, and has had a successful agency relationship with AIG American General since 2003.
Commenting on the agreement to acquire Matrix Direct, AIG American General President and Chief Executive Officer Matt Winter said, "Matrix Direct is a strong complement to our already broad distribution network of independent producers, career agents, banks, wire houses, independent broker-dealers and other third parties. As part of AIG American General, Matrix Direct will have multiple opportunities to diversify its markets and product sets - positioning the business for accelerated near-term growth."
Mr. Winter also noted that Ron Harris, President of Matrix Direct, will retain his title following the acquisition and will report to Rick Hollar, Chairman and Chief Executive Officer of the Life Profit Center and Independent Distribution for AIG American General.
"Matrix Direct has been our valued partner since 2003, and we are very pleased to welcome Ron, his management team and all of the Matrix Direct employees to the powerful organization we have built at AIG American General," said Mr. Hollar. "We believe that AIG American General's manufacturing excellence and leading-edge processing combined with Matrix Direct's direct-marketing expertise is a recipe for our future success."
AIG American General is the marketing name for the companies comprising the domestic life operations of American International Group, Inc., including American General Life Insurance Company. AIG American General companies offer a broad spectrum of life insurance, annuity, investment and accident and health products to serve the financial and estate-planning needs of its customers throughout the United States.
American International Group, Inc. (AIG), world leaders in insurance and financial services, is the leading international insurance organization with operations in more than 130 countries and jurisdictions. AIG companies serve commercial, institutional and individual customers through the most extensive worldwide property-casualty and life insurance networks of any insurer. In addition, AIG companies are leading providers of retirement services, financial services and asset management around the world. AIG's common stock is listed on the New York Stock Exchange, as well as the stock exchanges in London, Paris, Switzerland and Tokyo.
Matrix Direct is a leading direct marketer of term life insurance. Headquartered in San Diego, California, the company was founded in 1995, was acquired by Protective Life in 1999, and currently has 166 employees. Matrix Direct is licensed in 49 states and the District of Columbia, and has had a successful agency relationship with AIG American General since 2003.