AIG acquires Ageas Protect

American International Group (AIG) will acquire Ageas Protect from Ageas Group, the Belgium-based international insurer, for £181 million.

Ageas Protect will become part of AIG’s global consumer business, which in the UK offers personal accident, health, and travel insurance coverage to consumers, as well as customised insurance solutions for high net worth individuals through AIG Private Client Group.

Ageas Protect is a provider of life protection products in the UK, offering term life, critical illness, and income protection coverage to consumers. It was launched in July 2008 and today has a 4.8 percent share of new protection business across the UK market, and an 8.4 percent share of the UK Independent Financial Advisor (IFA) channel.

The company produced premiums of £91.8 million in 2013, employs approximately 220 people in the UK, and has over 300,000 customers in the UK, Channel Islands, and Isle of Man.

The transaction is expected to close in the fourth quarter of 2014.

“UK life protection is an attractive market for AIG,” said Kevin Hogan, chief executive officer of global consumer insurance, AIG. “We are excited about the prospect of enhancing AIG’s significant presence and existing insurance offerings in the UK, and we are committed to the management team, employees, and distributors who have made Ageas Protect the strong company it is today.”