AIG closes Validus acquisition
American International Group (AIG) has completed its acquisition of Bermuda-based Validus Holdings after receiving regulatory and shareholder approvals.
AIG unveiled its plan to acquire Validus in January 2018 for an aggregate transaction value of $5.56 billion, funded by cash on hand.
Through Validus, AIG is adding reinsurance platform Validus Re to the group, insurance-linked securities asset manager AlphaCat, and Lloyd's syndicate Talbot. Furthermore, AIG is incorporating US small commercial excess and surplus underwriting specialist Western World as well as North American crop insurance market Crop Risk Services.
"Validus' experienced team and complementary businesses will help us deliver sustainable, profitable growth as we continue to build value for our shareholders," said AIG CEO Brian Duperreault.
Peter Zaffino, AIG's chief executive officer, general insurance, added: “The Validus businesses will be immediately accretive to our performance in general insurance now that they are officially part of AIG."
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