American International Group today announced that it has finalized its agreement with funds managed by Stone Point Capital LLC (Stone Point), a leading private equity firm focused on investing in businesses within the global financial services industry, to form Private Client Select Insurance Services (PCS), an independent Managing General Agency (MGA) to serve High Net Worth and Ultra High Net Worth markets.
As previously announced in February 2023, AIG’s Private Client Group (PCG) business will move to this new independent platform and be rebranded. Subject to customary regulatory approvals, PCS is expected to begin producing business in the third quarter of 2023.
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 offer insurance solutions that help businesses and individuals in approximately 70 countries and jurisdictions protect their assets and manage risks. AIG common stock is listed on the New York Stock Exchange.