Insurance firm American International Group (AIG) and private equity firm Stone Point Capital have signed a deal to create a managing general agency (MGA).
AIG and Stone Point did not disclose the financial terms of the transaction.
Go deeper with GlobalData
The new independent MGA will be aimed at serving the high-net-worth and ultra-high-net-worth segments of the market.
AIG plans to move its Private Client Group (PCG) business to this new independent platform and rename PCG as Private Client Select Insurance Services (PCS).
Once the MGA is established, PCG employees, including the leadership group under the direction of PCG president and CEO Kathleen Zortman will move to the new MGA.
AIG chairman and CEO Peter Zaffinos said: “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.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData“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.”
Stone Point managing director Jim Carey said: “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.
“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.” The planned transaction is subject to receipt of regulatory approvals and other closing conditions.
