AIG Authorises Two New Entities in the UK and Luxembourg
19 April 2018 - 11:00PM
Business Wire
American International Group, Inc. (NYSE:AIG) today announced
the authorisation of new insurance companies in the United Kingdom
(UK) and Luxembourg that will see all business transferred to the
new entities ahead of the UK leaving the European Union (EU). This
provides clients certainty of uninterrupted UK and European
insurance coverage as part of AIG’s planned restructure of its
European business.
AIG Europe Limited began active preparation to be
Brexit-resilient in 2015, and has taken a leadership position in
the industry with its Brexit restructuring plans. The restructure
involves the transfer of AIG Europe Limited’s existing insurance
business to the new UK and European companies and the merger of its
existing carrier, AIG Europe Limited into the new European
company.
AIG has already hit key restructure milestones for its European
business including:
- establishing and receiving
authorisation for new insurance companies in the UK (American
International Group UK Limited) and Luxembourg (AIG Europe
S.A.);
- AIG Europe S.A. will have branches
across the European Economic Area and Switzerland; and
- the High Court of England and Wales
approval of the commencement of notifications to policyholders and
other interested parties in accordance with UK law on the transfer
of insurance portfolios.
Commenting on the restructuring Anthony Baldwin, Chief Executive
of AIG Europe Limited said:
“We set a number of guiding principles from the very start as to
how AIG would address Brexit. First amongst these was minimising
disruption to clients. The great advantage of the restructuring
route we have chosen is that it will give clients certainty that
whatever the other unknowns of Brexit for their businesses, their
European insurance coverage has been Brexit-proofed. We have
already established a platform in Europe for writing future new
business and renewals, and by transferring our existing business,
AIG will remove uncertainty for clients, including not being
reliant on the development of a grandfathering regime for existing
contracts.”
The restructure leverages AIG’s extensive European footprint to
ensure that it will have the most appropriate structure from which
to serve clients and partners after Brexit, regardless of the
future relationship between the UK and the European Union. It is
expected to take effect, and the new companies to begin writing
business from, 1 December 2018.
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 |
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 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: https://www.businesswire.com/news/home/20180419005725/en/
American International Group, Inc.Investors:Liz Werner,
+1-212-770-7074elizabeth.werner@aig.comorMedia:Nicola Ratchford,
+44 (0) 203-217-1789nicola.ratchford@aig.com
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