AIG Life, a UK subsidiary of AIG Life & Retirement, has concluded its Ellipse deal from Munich Re.
AIG noted that the Ellipse’s group protection expertise, as well as its technology-enabled business model, is an ideal fit with the existing AIG Life operation in the UK.
After completion of the Ellipse deal, AIG Life will distribute both group and individual protection insurance products to consumers in the UK through financial intermediaries, employee benefits consultants and partnerships.
Commenting on the deal, AIG Life & Retirement CEO International Adam Winslow said: “I am delighted that we have completed the acquisition of Ellipse, and I look forward to working together with our new colleagues to build a stronger combined presence in the UK individual and group risk protection markets.”
Ellipse, which was rolled out in 2009, managed approximately £64m of in-force premiums and nearly 4,500 in-force policies covering over 370,000 lives as of May 2018.
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AIG member companies offers a number of property casualty insurance, life insurance, retirement products, and other financial services to customers in over 80 nations and regions.
When announced last year, Kevin Hogan, executive vice president and CEO AIG Life & Retirement, said: “The acquisition of Ellipse reflects our disciplined approach to selectively expanding our existing life & retirement businesses while pursuing opportunistic growth. Ellipse brings a strong team with a scalable business platform to our well-positioned, technology-driven UK life business. We look forward to welcoming the Ellipse team to AIG.”
Lee Lovett, CEO of Ellipse, added: “I would like to thank Munich Re for supporting the development and growth of Ellipse over the last 9 years. We now look forward to the next exciting chapter of our growth story with our new owner, AIG Life.”
AIG has secured approval from the High Court of England & Wales to split its European insurance business into two new entities in preparation of Brexit.
The insurer will now splits its European subsidiary, AIG Europe Limited (AEL), into AIG UK and AIG Europe SA.
AIG UK will be headquartered in London while AIG Europe will be based in Luxembourg. AIG Europe will manage 21 offices across the European Economic Area and Switzerland.