AIG & Stone Point close deal to craft MGA for HNW market for Q3 launch
Global insurance group American International Group (AIG) closed a well-flagged agreement with funds managed by Stone Point Capital to create an independent managing general agency (MGA) for serving the 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). AIG had previously said it hoped the unit could begin producing business in the third quarter of 2023.
Third party capital providers, including AIG and its Lloyd’s Syndicate 2019, could eventually be brought in to support the new structure, AIG CEO Peter Zaffino (pictured) had previously indicated.
US-based investment firm Stone Point with over $45 billion of assets under management, targets investments in the global financial services industry, including via private equity through its flagship Trident Funds as well as liquid and private credit funds.
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