NEW YORK--(BUSINESS WIRE)--Apr. 2, 2015--
American International Group, Inc. (NYSE:AIG) today announced that it
has completed its acquisition of a controlling stake in NSM Insurance
Group, a leading U.S. managing general agent and insurance program
administrator, from ABRY Partners and NSM management. AIG’s agreement to
acquire the NSM stake was announced in March.
Based in Conshohocken, Pennsylvania, NSM Insurance Group is a recognized
leader in insurance programs administration, well known for its unique
development and implementation of programs for a broad range of niche
customer segments. NSM has been managing certain insurance programs for
AIG for more than 15 years and will continue to do so, while continuing
to manage third party programs. AIG’s investment was executed through a
non-operating holding company, NSM Investments, Inc.
AIG’s stake in NSM furthers its strategic goal of diversifying its
product offerings and provides its customers with greater access to
unique insurance programs.
“We are pleased to have completed this important addition to AIG and
expansion of our already strong program insurance business,” said Robert
Schimek, AIG Senior Vice President and CEO of the Americas. “We look
forward to working with the NSM management team to grow this business
and bring more innovative solutions to our customers and to the market.”
American International Group, Inc. (AIG) is a leading global insurance
organization serving customers in more than 100 countries and
jurisdictions. AIG companies serve commercial, institutional, and
individual customers through one of the most extensive worldwide
property-casualty networks of any insurer. In addition, AIG companies
are leading providers of life insurance and retirement services in the
United States. 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 | LinkedIn: http://www.linkedin.com/company/aig
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.
Source: American International Group, Inc.
American International Group, Inc.
Media
Matt Gallagher,
212-458-3247
matthew.gallagher2@aig.com
or
Media
Jon
Diat, 212-770-3505
jon.diat@aig.com
or
Investors
Liz
Werner, 212-770-7074
elizabeth.werner@aig.com