AIG to launch independent managing general agent
PCG’s personnel, including its leadership team led by PCG president and CEO Kathleen Zortman, will transfer to PCS once it is formed.
“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,” said AIG chairman and CEO Peter Zaffino. “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.”
“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,” added Stone point managing director Jim Carey. “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.”
Completion of the proposed transactions is subject to the negotiation of definitive agreements and the obtaining of required permits and regulatory approvals.
Late last month, AIG announced that it had fired its interim finance chief, Mark Lyons. Lyons had taken over the role earlier in January but was terminated over “violations of confidentiality/non-disclosure obligations.”