|[August 06, 2014]
AIG Agrees to Acquire Leading UK Life Protection Carrier Ageas Protect from Ageas Group
NEW YORK --(Business Wire)--
American International Group, Inc. (NYSE:AIG) today announced that it
has agreed to acquire Ageas Protect Limited from Ageas Group, the
Belgium-based international insurer. Total transaction consideration is
£181 million (approximately USD $305 million), subject to closing
adjustments. The transaction is expected to close in the fourth quarter
of 2014, pending regulatory approval.
Ageas Protect is a leading provider of life protection products in the
UK, offering term life, critical illness, and income protection coverage
to consumers. It was launched in July 2008 and today has a 4.8% share of
new protection business across the UK market, and an 8.4% share of the
important UK Independent Financial Advisor ("IFA") channel. The company
produced premiums of £91.8 million in 2013, employs approximately 220
people in the UK, and has over 300,000 customers in the UK, Channel
Islands, and Isle of Man.
"UK life protection is an attractive market for AIG," said Kevin Hogan,
Chief Executive Officer of Global Consumer Insurance, AIG. "We are
excited about the prospect of enhancing AIG's significant presence and
existing insurance offerings in the UK, and we are committed to the
management team, employees, and distributors who have made Ageas Protect
the strong company it is today."
Ageas Protect will become part of AIG's Global Consumer business, which
in the UK offers personal accident, health, and travel insurance
coverage to consumers, as well s customized insurance solutions for
high net worth individuals through AIG Private Client Group.
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
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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.
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