NEW YORK--(BUSINESS WIRE)--American International Group, Inc. (NYSE:AIG) today announced that it has agreed to acquire Ageas Protect Limited from Ageas Group, the Belgium-based international insurer. Total transaction consideration is £181 million (approximately USD $305 million), subject to closing adjustments. The transaction is expected to close in the fourth quarter of 2014, pending regulatory approval.
Ageas Protect is a leading provider of life protection products in the UK, offering term life, critical illness, and income protection coverage to consumers. It was launched in July 2008 and today has a 4.8% share of new protection business across the UK market, and an 8.4% share of the important UK Independent Financial Advisor (“IFA”) channel. The company produced premiums of £91.8 million in 2013, employs approximately 220 people in the UK, and has over 300,000 customers in the UK, Channel Islands, and Isle of Man.
“UK life protection is an attractive market for AIG,” said Kevin Hogan, Chief Executive Officer of Global Consumer Insurance, AIG. “We are excited about the prospect of enhancing AIG’s significant presence and existing insurance offerings in the UK, and we are committed to the management team, employees, and distributors who have made Ageas Protect the strong company it is today.”
Ageas Protect will become part of AIG’s Global Consumer business, which in the UK offers personal accident, health, and travel insurance coverage to consumers, as well as customized insurance solutions for high net worth individuals through AIG Private Client Group.
American International Group, Inc. (AIG) is a leading international insurance organization serving customers in more than 130 countries and jurisdictions. AIG companies serve commercial, institutional, and individual customers through one of the most extensive worldwide property-casualty networks of any insurer. In addition, AIG companies are leading providers of life insurance and retirement services in the United States. AIG common stock is listed on the New York Stock Exchange and the Tokyo Stock Exchange.
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.