AIG Life, a UK subsidiary of AIG Life & Retirement, has agreed to acquire domestic group life risk protection provider Ellipse from Munich Re.
Ellipse’s group protection capabilities include life, critical illness and income protection products. The company has emerged as the 6th largest UK group life provider based on 2017 new business volumes.
Ellipse, which was launched in 2009, has reached an 8% share of new business premiums and a 4% share of in-force premiums in 2017.
It manages about £64m of in-force premiums and nearly 4,500 in-force policies covering over 370,000 lives, as of May 2018.
Commenting on the acquisition, AIG Life & Retirement executive vice president and CEO Kevin Hogan 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.”
AIG life CEO Adam Winslow stated: “Ellipse’s group life business is highly complementary to AIG’s existing UK individual protection offering. It positions us to capitalise on the strong growth potential in the UK group market by allowing us to provide a holistic suite of innovative protection products that better serve our clients and partners.”
Subject to required regulatory approval, the acquisition is slated to complete in the first quarter of next year.