Transaction Closes between AIG and Stone Point to Form High Net Worth MGA Private Client Select (PCS)

Rhea-AI Summary

AIG has successfully closed its agreement with Stone Point Capital to form an independent Managing General Agency called Private Client Select Insurance Services. This move will specialize in the High Net Worth and Ultra High Net Worth markets.

Positive

• AIG and Stone Point Capital have successfully formed an independent Managing General Agency called Private Client Select Insurance Services

Negative

• None.

NEW YORK--(BUSINESS WIRE)-- American International Group, Inc. (NYSE: AIG) today announced that its definitive agreement with funds managed by Stone Point Capital LLC (Stone Point) to form an independent Managing General Agency (MGA) specializing in the High Net Worth and Ultra High Net Worth markets called Private Client Select Insurance Services (PCS) has successfully closed.

AIG and Stone Point’s plans to form PCS and move AIG’s Private Client Group (PCG) business to this new independent platform were first announced in February 2023.

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/.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230702451386/en/

AIG:

Quentin McMillan (Investors): quentin.mcmillan@aig.com

Dana Ripley (Media): dana.ripley@aig.com

Source: American International Group, Inc.

FAQ

What is the agreement between AIG and Stone Point Capital?

The agreement between AIG and Stone Point Capital is to form an independent Managing General Agency called Private Client Select Insurance Services.

What markets will Private Client Select Insurance Services specialize in?

Private Client Select Insurance Services will specialize in the High Net Worth and Ultra High Net Worth markets.

When was the agreement first announced?

The agreement was first announced in February 2023.