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January 3, 2019

AIG concludes acquisition of Ellipse from Munich Re

AIG Life, a UK subsidiary of AIG Life & Retirement, has concluded its Ellipse deal from Munich Re.

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The deal was originally signed in June last year.

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.

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.”

Transformational year

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.

Free Report
img

2022: So far In Venture Capital

Global investment in 2022 has been majorly dominated by North America, Europe, and Asia Pacific, whereas the Middle East, and South and Central America have recorded low investments comparatively. In light of this, Europe and North America have been identified as the major destinations for Private Equity and Venture Capital (PE/VC) investments.   GlobalData’s whitepaper analyzes which sectors PE/VC firms have been investing in, looking at Technology, Media, and Telecom, with these sectors recording $356 billion and a deal volume of over 10,000 deals in 2022. Healthcare, Financial Services, Business & Consumer Services, and Construction sectors have also seen high investment activity by PE/VC firms, recording a deal value of over $70 billion each.   But what can this mean for you?   Understand how the Deals Database on GlobalData Explorer can be leveraged to:  
  • Track the Aggregate Investment Volumes in PE/VC-Stage firms across geographies and sectors, in addition to viewing the specific deals that drove these volumes
  • Identify the top investors already active in any sector-Geography combinations
  • Assess the Performance of Financial and Legal Advisors, supporting the Dealmaking in any segment of choice (Customizable League tables)
  • Understand what is driving the PE/VC fundraising (Deal Rationale)
  Consult our full report here and optimize your business strategy.
by GlobalData
Enter your details here to receive your free Report.

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