27 April 2023Insurance

AIG, Stone Point agree to launch independent MGA for HNW market

Global re/insurance conglomerate American International Group (AIG) has finalised its agreement with Stone Point Capital to create an independent managing general agency (MGA) to serve high net worth (HNW) and ultra HNW markets.

AIG’s Private Client Group (PCG) business will move to the new independent platform and be rebranded as Private Client Select Insurance Services (PCS).

Following regulatory approvals, PCS is expected to begin producing business in the third quarter of 2023.

AIG’s CEO Peter Zaffino had earlier said that the new structure will allow PCG to be supported by third-party capital providers, including AIG and its Lloyd’s Syndicate 2019, creating more value for stakeholders.

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