American International Group has entered into an agreement with Stone Point Capital LLC, a leading private equity firm focused on investing in businesses within the global financial services industry, to form an independent Managing General Agency to serve High Net Worth and Ultra High Net Worth markets.
“We are excited to be entering this partnership and look forward to building a top performing MGA committed to excellence in the attractive High and Ultra High Net Worth markets”
AIG’s Private Client Group (PCG) business will move to this new independent platform and be rebranded as Private Client Select Insurance Services (PCS).
“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,” said Peter Zaffino, Chairman and Chief Executive Officer, AIG.
PCG personnel, including the experienced leadership team, led by PCG’s President and Chief Executive Officer, Kathleen Zortman, will transfer to the MGA once it is formed. Throughout the transfer process, clients and distribution partners will continue to benefit from PCG’s industry-leading high-touch service.
“We are excited to be entering this partnership and look forward to building a top performing MGA committed to excellence in the attractive High and Ultra High Net Worth markets,” said Jim Carey, Managing Director Stone Point. “I am confident that Stone Point’s experience in the insurance industry, coupled with AIG’s risk management expertise and product knowledge, will create significant value for all stakeholders.”
The terms of the transaction have not been disclosed.
About AIG
American International Group, Inc. (AIG) is a leading global insurance organization. AIG member companies provide a wide range of property casualty insurance, life insurance, retirement solutions and other financial services to customers in approximately 70 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.
About Stone Point
Stone Point is an investment firm based in Greenwich, CT, with over $45 billion of assets under management. Stone Point targets investments in companies in the global financial services industry and related sectors. The firm invests in a number of alternative asset classes, including private equity through its flagship Trident Funds. Stone Point also manages both liquid and private credit funds and managed accounts. In addition, Stone Point Capital Markets supports our firm, portfolio companies and other clients by providing dedicated financing solutions. For more information, please visit https://www.stonepoint.com/.