AIG buys life specialist Ellipse from Munich Re

American International Group (AIG) is acquiring Ellipse, a specialist provider of group life risk protection in the UK, from Munich Re.

Ellipse’s group protection capabilities include life, critical illness and income protection products. Since its launch in 2009, Ellipse has grown to become the 6th largest UK group life provider based on 2017 new business volumes, according to AIG. Ellipse has reached an 8 percent share of new business premiums and a 4 percent share of in-force premiums in 2017.

As of May 2018, the company holds approximately £64 million of in-force premiums and nearly 4,500 in-force policies covering over 370,000 lives.

Kevin Hogan, CEO AIG life & retirement, said, “Ellipse brings a strong team with a scalable business platform to our well-positioned, technology-driven UK life business. We look forward to welcoming the Ellipse team to AIG.”

Adam Winslow, CEO, AIG life, added: “Ellipse’s group life business is highly complementary to AIG’s existing UK individual protection offering. It positions us to capitalize on the strong growth potential in the UK group market by allowing us to provide a holistic suite of innovative protection products that better serve our clients and partners.”

The transaction, the terms of which were not disclosed, will be fully funded with cash. The acquisition is expected to close in the first quarter of 2019, subject to required regulatory approval.

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