AIG Completes Sale of Advisor Group to Lightyear Capital and PSP Investments
07 May 2016 - 6:21AM
Business Wire
American International Group, Inc. (NYSE:AIG) today announced
that it has completed the sale of Advisor Group to investment funds
affiliated with Lightyear Capital LLC, a private equity firm
specializing in financial services investing, and PSP Investments,
one of Canada’s largest pension investment managers. AIG’s
agreement to sell Advisor Group was announced in January 2016.
“We are pleased to complete the sale of Advisor Group,” said
Peter Hancock, President and Chief Executive Officer of AIG. “With
this transaction, AIG has taken another step in simplifying our
organization to become a leaner, more focused insurance company
committed to our vision of being our clients’ most valued
insurer.”
Advisor Group is among the largest networks of independent
broker-dealers in the United States, with more than 5,200
independent advisors and more than 800 full-time employees. Advisor
Group is comprised of four broker-dealers, FSC Securities
Corporation, Atlanta, GA; Royal Alliance Associates, New York, NY;
SagePoint Financial, Phoenix, AZ; and Woodbury Financial Services,
Oakdale, MN.
American International Group, Inc. (AIG) is a leading global
insurance organization. Founded in 1919, today we provide a wide
range of property casualty insurance, life insurance, retirement
products, mortgage insurance and other financial services to
customers in more than 100 countries and jurisdictions. Our 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.
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version on businesswire.com: http://www.businesswire.com/news/home/20160506005812/en/
AIGMediaMatt Gallagher,
212-458-3247matthew.gallagher2@aig.comorInvestorsLiz Werner,
212-770-7074elizabeth.werner@aig.com
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