American International Group (AIG) has finalised its agreement with funds managed by Stone Point Capital to form an independent managing general agency (MGA) to serve high net worth and ultra-high net worth markets.
American International Group, Inc. (AIG) has positioned itself as a leading global insurance organisation.
AIG member companies offer insurance solutions that help businesses and individuals in approximately 70 countries and jurisdictions protect their assets and manage risks.
Stone Point is a private equity firm focused on investing in businesses within the global financial services industry.
According to a report from Reinsurance News, AIG’s Private Client Group (PCG) announced the business will move to this new independent platform and be rebranded earlier this year in February.
PCG personnel, alongside its experienced leadership team led by President and Chief Executive Officer (CEO), Kathleen Zortman, will transfer to the new MGA once it is formed.
In February, Peter Zaffino, the chairman and CEO of AIG, said, “As previously disclosed, AIG has been exploring structures that, over time, will allow PCG to be supported by third-party capital providers, including AIG and its innovative syndicate at Lloyd’s, referred to as Syndicate 2019. By partnering with a world-class private equity firm like Stone Point, we can maximize the strengths of this business and improve product offerings to better serve the High and Ultra High Net Worth markets.”
Earlier this year, Ledgebrook, a Boston-based InsurTech MGA startup focussing on middle market E&S, raised $4.6m in funding to scale its flagship products and support future offerings.
Founded in 2022 and led by insurance industry veterans Ledgebrook is a tech-enabled E&S MGA looking to provide the fastest, easiest quoting experience to wholesale brokers while delivering best-in-class pricing and risk selection via their innovative next-gen tech stack.
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