AIG to Acquire Glatfelter Insurance Group
October 04, 2019
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(Reuters) - American International Group Inc (AIG) announced on Friday that it will acquire Glatfelter Insurance Group, a York, Pennsylvania-based insurance broker. This move is part of AIG's strategy to strengthen its general insurance business.
Glatfelter, a privately owned company, specializes in niche insurance services and has strong underwriting capabilities. These attributes are expected to enhance AIG's general insurance operations. However, the financial terms of the deal were not disclosed.
This acquisition is part of AIG's broader strategy under CEO Brian Duperreault, who took over last year. Duperreault aims to grow the company by boosting its revenues and expanding its global presence. However, finding suitable acquisition targets has been challenging, according to Duperreault.
Earlier this year, AIG made two significant moves:
- In June, AIG acquired a UK group life insurance specialist from Munich Re. The terms of this deal were not disclosed.
- In July, AIG finalized its acquisition of Bermuda-based reinsurer Validus Holdings Ltd for $5.56 billion. This was AIG's first major acquisition since the 2007-2009 global financial crisis.
Duperreault has emphasized that he is looking for companies in large markets with mature legal systems that are not overly expensive. Glatfelter, which employs around 3,000 brokers and has expertise in niche insurance coverage, fits this criteria.
AIG expects to complete the acquisition of Glatfelter by the end of the fourth quarter of 2018.
Added Information:
Background on AIG: AIG is one of the largest insurance companies in the world, offering a wide range of insurance products and services. The company has been focusing on strategic acquisitions to diversify its portfolio and strengthen its market position.
Glatfelter's Expertise: Glatfelter is known for its specialized insurance services, which include coverage for unique and complex risks. This expertise will complement AIG's existing offerings and help the company tap into new markets.
Sources:
- Reuters: AIG to Acquire Glatfelter Insurance Group
- AIG Press Releases
- Industry Reports on Insurance Acquisitions
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