AIG’s Private Client Group (PCG) business will move to this new independent platform and be rebranded as Private Client Select Insurance Services (PCS).
“As previously disclosed, AIG has been exploring structures that, over time, will allow PCG to be supported by third-party capital providers, including AIG and its innovative syndicate at Lloyd’s, referred to as Syndicate 2019. By partnering with a world-class private equity firm like Stone Point, we can maximize the strengths of this business and improve product offerings to better serve the High and Ultra High Net Worth markets,” said Peter Zaffino, Chairman and Chief Executive Officer, AIG.
PCG personnel, including the experienced leadership team, led by PCG’s President and Chief Executive Officer, Kathleen Zortman, will transfer to the MGA once it is formed. Throughout the transfer process, clients and distribution partners will continue to benefit from PCG’s industry-leading high-touch service.
“We are excited to be entering this partnership and look forward to building a top performing MGA committed to excellence in the attractive High and Ultra High Net Worth markets,” said Jim Carey, Managing Director Stone Point. “I am confident that Stone Point’s experience in the insurance industry, coupled with AIG’s risk management expertise and product knowledge, will create significant value for all stakeholders.”
Completion of the proposed transactions among AIG and Stone Point is subject to negotiation of definitive agreements, obtaining required permits and regulatory approvals. The terms of the transaction have not been disclosed.
Forward-looking Statements
Certain statements in this press release and any related oral statements constitute forward-looking statements. These statements are not historical facts but instead represent only the relevant party’s belief regarding future events, many of which, by their nature, are inherently uncertain and outside the relevant party’s control. It is possible that the transactions will not be completed or that the transactions will take a materially different form from those contemplated by these statements. Each party referenced in this press release only assumes responsibility for its statements and does not affirm or otherwise adopt the statements of any other party.
Source: Businesswire
