AIG acquires UK group risk specialist Ellipse from Munich Re
AIG acquisition of Ellipse : American International Group (AIG) has wrapped up its previously announced acquisition of Ellipse, a specialist provider of group life risk protection in the UK, from German reinsurance company Munich Re, as per the latest insurance acquisition news.
The acquisition of the UK group risk specialist was made by AIG’s subsidiary AIG Life & Retirement for an undisclosed price.
AIG acquisition of Ellipse, which was announced in June 2018, was completed after obtaining the required regulatory approval.
The US insurance giant reckons that the group protection expertise of the UK group risk specialist alongside its technology-enabled business model makes it a strong strategic fit with the existing AIG Life operation in the UK.
Launched in 2009, Ellipse, based on 2017 new business volumes, is claimed to be the sixth largest UK group life provider.
The UK group risk specialist reached an 8% share of new business premiums and a 4% share of in-force premiums in 2017. As of May 2018, Ellipse holds nearly £64 million of in-force premiums and about 4,500 in-force policies covering more than 370,000 lives.
Following the completion of the acquisition, AIG Life will distribute both group and individual protection insurance products to UK consumers via financial intermediaries, partnerships and employee benefits consultants.
Commenting on AIG acquisition of Ellipse, Adam Winslow – CEO, International at AIG Life & Retirement, said: “I am delighted that we have completed the acquisition of Ellipse, and I look forward to working together with our new colleagues to build a stronger combined presence in the UK individual and group risk protection markets.”
In November 2018, AIG completed acquisition of US-based Glatfelter Insurance Group, a full-service broker and insurance company that provides services for specialty programs and retail operations, for an undisclosed price. Established in 1951, the operations of Glatfelter Insurance Group include close to 3,000 brokers serving nearly 30,000 insureds in the US and Canada.
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