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AIG Finalizes Agreement With Stone Point Capital to Form Private Client Select Insurance Services, an Independent MGA
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Neutral)
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Rhea-AI Summary
American International Group (NYSE: AIG) has finalized a partnership with Stone Point Capital to establish Private Client Select Insurance Services (PCS), an independent Managing General Agency (MGA). This entity will cater to High Net Worth and Ultra High Net Worth markets. The previously announced transition of AIG's Private Client Group to this new platform is expected to be completed by Q3 2023, pending regulatory approvals. The transaction terms remain undisclosed. AIG continues to operate in approximately 70 countries, providing various insurance solutions to businesses and individuals.
Positive
Formation of Private Client Select Insurance Services (PCS) to enhance service offerings to High Net Worth markets.
Transition of Private Client Group to an independent platform may bolster focus and flexibility.
Negative
None.
NEW YORK--(BUSINESS WIRE)--
American International Group (NYSE: AIG) today announced that it has finalized its agreement with funds managed by Stone Point Capital LLC (Stone Point), a leading private equity firm focused on investing in businesses within the global financial services industry, to form Private Client Select Insurance Services (PCS), an independent Managing General Agency (MGA) to serve High Net Worth and Ultra High Net Worth markets.
As previously announced in February 2023, AIG’s Private Client Group (PCG) business will move to this new independent platform and be rebranded. Subject to customary regulatory approvals, PCS is expected to begin producing business in the third quarter of 2023.
The terms of the transaction have not been disclosed.
About AIG
American International Group, Inc. (AIG) is a leading global insurance organization. AIG member companies offer insurance solutions that help businesses and individuals in approximately 70 countries and jurisdictions protect their assets and manage risks. AIG common stock is listed on the New York 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 jurisdictions, and coverage is subject to underwriting requirements and 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 Stone Point
Stone Point is an investment firm based in Greenwich, CT, with over $45 billion of assets under management. Stone Point targets investments in companies in the global financial services industry and related sectors. The firm invests in a number of alternative asset classes, including private equity through its flagship Trident Funds. Stone Point also manages both liquid and private credit funds and managed accounts. In addition, Stone Point Capital Markets supports our firm, portfolio companies and other clients by providing dedicated financing solutions. For more information, please visit https://www.stonepoint.com/.
What is the recent announcement by AIG regarding Private Client Select Insurance Services?
AIG announced a partnership with Stone Point Capital to create Private Client Select Insurance Services, an independent MGA targeting High Net Worth markets.
When is AIG expected to start producing business under Private Client Select Insurance Services?
AIG expects to begin producing business under Private Client Select Insurance Services in Q3 2023, subject to regulatory approvals.
What is the ticker symbol for American International Group?
The ticker symbol for American International Group is AIG.
Who is Stone Point Capital in relation to AIG's recent announcement?
Stone Point Capital is a private equity firm that partnered with AIG to form Private Client Select Insurance Services.
What are the benefits of AIG's formation of Private Client Select Insurance Services?
The formation aims to enhance AIG's focus on High Net Worth and Ultra High Net Worth insurance markets, potentially improving service and customization.
