LONDON--(BUSINESS WIRE)--Apr. 19, 2018--
American International Group, Inc. (NYSE:AIG) today announced the
authorisation of new insurance companies in the United Kingdom (UK) and
Luxembourg that will see all business transferred to the new entities
ahead of the UK leaving the European Union (EU). This provides clients
certainty of uninterrupted UK and European insurance coverage as part of
AIG’s planned restructure of its European business.
AIG Europe Limited began active preparation to be Brexit-resilient in
2015, and has taken a leadership position in the industry with its
Brexit restructuring plans. The restructure involves the transfer of AIG
Europe Limited’s existing insurance business to the new UK and European
companies and the merger of its existing carrier, AIG Europe Limited
into the new European company.
AIG has already hit key restructure milestones for its European business
including:
-
establishing and receiving authorisation for new insurance companies
in the UK (American International Group UK Limited) and Luxembourg
(AIG Europe S.A.);
- AIG Europe S.A. will have branches across the European Economic Area
and Switzerland; and
-
the High Court of England and Wales approval of the commencement of
notifications to policyholders and other interested parties in
accordance with UK law on the transfer of insurance portfolios.
Commenting on the restructuring Anthony Baldwin, Chief Executive of AIG
Europe Limited said:
“We set a number of guiding principles from the very start as to how
AIG would address Brexit. First amongst these was minimising disruption
to clients. The great advantage of the restructuring route we have
chosen is that it will give clients certainty that whatever the other
unknowns of Brexit for their businesses, their European insurance
coverage has been Brexit-proofed. We have already established a platform
in Europe for writing future new business and renewals, and by
transferring our existing business, AIG will remove uncertainty for
clients, including not being reliant on the development of a
grandfathering regime for existing contracts.”
The restructure leverages AIG’s extensive European footprint to ensure
that it will have the most appropriate structure from which to serve
clients and partners after Brexit, regardless of the future relationship
between the UK and the European Union. It is expected to take effect,
and the new companies to begin writing business from, 1 December 2018.
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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180419005725/en/
Source: American International Group, Inc.
American International Group, Inc.
Investors:
Liz Werner,
+1-212-770-7074
elizabeth.werner@aig.com
or
Media:
Nicola
Ratchford, +44 (0) 203-217-1789
nicola.ratchford@aig.com