LONDON--(BUSINESS WIRE)--Mar. 8, 2017--
American International Group, Inc. (NYSE: AIG) today announced plans to
locate an insurance company in Luxembourg to ensure continued smooth
operation of its business across the European Economic Area (EEA) and
Switzerland once the United Kingdom (UK) leaves the European Union (EU).
From 2019, AIG proposes to have two AIG subsidiary insurance companies
in Europe – one in the UK to write UK business and one in Luxembourg to
write EEA and Swiss business, which will have branches across the EEA
and Switzerland. AIG currently writes business in Europe from a single
insurance company based in the UK, AIG Europe Limited, which has
branches across the EEA and Switzerland.
The UK is AIG’s largest single operation in Europe. AIG will continue to
support its European operations from the UK, which is a core market
where AIG will continue to invest and grow.
Anthony Baldwin, Chief Executive of AIG Europe said: “This is a decisive
move that ensures AIG is positioned for whatever form the UK’s exit from
the EU ultimately takes. AIG sees opportunity in the ongoing resilience
of the UK insurance market. At the same time, we are ensuring that our
clients and partners experience no disruption from the UK’s EU exit. Our
Luxembourg company will be complementary to our existing structure and
will be part of our single European module.”
“Luxembourg, a founding member of the European Union, offers us a secure
location in a stable economy with an experienced and well-respected
regulator in continental Europe close to many of our major markets.”
The proposed restructure is expected to complete in the first quarter of
2019, subject to regulatory approval.
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
and www.aig.com/strategyupdate
| YouTube: www.youtube.com/aig
| Twitter: @AIGinsurance | LinkedIn: http://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: http://www.businesswire.com/news/home/20170308005132/en/
Source: American International Group, Inc.
American International Group, Inc.
Investors:
Liz Werner,
212-770-7074
elizabeth.werner@aig.com
or
Media:
Nicola
Ratchford, 020-3217-1789
nicola.ratchford@aig.com