NEW YORK & LONDON & MUNICH--(BUSINESS WIRE)--Jun. 20, 2018--
American International Group, Inc. (NYSE: AIG) and Munich Re announced
today that AIG Life Ltd. (AIGLL), a UK subsidiary of AIG Life &
Retirement, has agreed to acquire Ellipse, a specialist provider of
group life risk protection in the UK, from Munich Re.
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Ellipse’s group protection capabilities, which include life, critical
illness and income protection products, along with its
technology-enabled business model with high levels of straight through
processing, will position AIGLL to efficiently manage group risk schemes
for companies of all sizes.
Kevin Hogan, Executive Vice President and Chief Executive Officer, 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.”
“Ellipse’s group life business is highly complementary to AIG’s existing
UK Individual Protection offering. It positions us to capitalize 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,” said Adam Winslow, CEO, AIGLL. “Additionally, I’m
excited to start working side by side with our Ellipse colleagues, who
share a similar culture and entrepreneurial spirit, a mono-line
protection focus and recognized technology leadership.”
Thomas Braune, Munich Re’s Chief Executive of Life and Health
Reinsurance in Europe, Latin America and the Middle East, said, “We are
glad to have found a trusted partner for this deal in AIG, pairing the
right strategic fit on their side with a good opportunity for us to
re-focus our UK market approach. This is a great opportunity for both
sides and we are looking forward to completing this deal soon.”
Lee Lovett, Chief Executive Officer of Ellipse, added, “I would like to
thank Munich Re for supporting the development and growth of Ellipse
over the last 9 years, such that we are now recognized as a mainstream
group risk insurer. We now look forward to the next exciting chapter of
our growth story with our new owner, AIG Life.”
Since its launch in 2009, Ellipse has grown to become the 6th largest UK
group life provider based on 2017 new business volumes. Ellipse has
reached an 8% share of new business premiums and a 4% share of in-force
premiums in 2017. As of May 2018, the company holds approximately £64
million of in-force premiums and nearly 4,500 in-force policies covering
over 370,000 lives.
The transaction, the terms of which were not disclosed, will be fully
funded with cash. The acquisition is expected to close in the first
quarter of 2019, subject to required regulatory approval.
Munich Re was advised by Fenchurch Advisory Partners.
About AIG
American International Group, Inc. (AIG) is a leading global insurance
organization. Founded in 1919, today AIG member companies provide a wide
range of property casualty insurance, life insurance, retirement
products, and other financial services to customers in more than 80
countries and jurisdictions. These diverse offerings include products
and services that help businesses and individuals protect their assets,
manage risks and provide for retirement security. 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
| YouTube: www.youtube.com/aig
| Twitter: @AIGinsurance www.twitter.com/AIGinsurance
| LinkedIn: www.linkedin.com/company/aig.
These references with additional information about AIG have been
provided as a convenience, and the information contained on such
websites is not incorporated by reference into this press release.
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.
About Munich Re
Munich Re is one of the world’s leading providers of reinsurance,
primary insurance and insurance-related risk solutions. The corporate
group consists of the reinsurance and ERGO business segments, together
with the capital investment company, MEAG. The Group operates in all
lines of insurance. Ever since it was founded in 1880, Munich Re has
been known for its unrivalled risk-related expertise and its
particularly sound financial position. It also offers its clients
financial protection when faced with extraordinarily high levels of
damage – from the 1906 earthquake in San Francisco right through to the
series of Atlantic hurricanes that occurred in 2017. Munich Re possesses
outstanding innovative strength, which enables it to also provide cover
for extraordinary risks such as rocket launches, renewable energies,
cyber attacks or pandemics. The company is playing a key role in driving
forward the digital transformation within its industry and in doing so
is increasing its ability to assess risks and expanding upon the range
of services that it offers. Its tailor-made solutions and close
proximity to its clients make Munich Re one of the world’s most
sought-after risk partners for the economy, institutions and private
individuals.
Forward-Looking Statements
AIG
Certain statements in this press release constitute forward-looking
statements. These statements are not historical facts but instead
represent only AIG’s belief regarding future events, many of which, by
their nature, are inherently uncertain and outside AIG’s control. It is
possible that actual results will differ, possibly materially, from the
anticipated results indicated in these statements. Factors that could
cause actual results to differ, possibly materially, from those in the
forward-looking statements are discussed throughout AIG’s periodic
filings with the SEC pursuant to the Securities Exchange Act of 1934.
Munich Re
This press release contains forward-looking statements that are based on
current assumptions and forecasts of the management of Munich Re. Known
and unknown risks, uncertainties and other factors could lead to
material differences between the forward-looking statements given here
and the actual development, in particular the results, financial
situation and performance of our Company. The Company assumes no
liability to update these forward-looking statements or to conform them
to future events or developments.
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Source: American International Group, Inc.
AIG
Investors: Liz Werner; +1-212-770-7074; elizabeth.werner@aig.com
Media:
Daniel O’Donnell; +1-212-770-3141; daniel.odonnell@aig.com
Kenny
Juarez; +1-212-458-8352; kenny.juarez@aig.com
or
Munich
Re
Media: David Flötner; +49-3891-2965; dfloetner@munichre.com