AIG to transition upper middle market book to Liberty Mutual unit
American International Group (AIG) has entered into an agreement with Safeco Insurance, a Liberty Mutual Company and Heritage Insurance Holdings.
The partnership will see AIG transition a select portion of its personal insurance business that provides upper middle market clients with home, auto and umbrella insurance policies to Safeco and Heritage.
The transition will take place beginning in the fourth quarter of 2020, subject to regulatory requirements in relevant jurisdictions.
AIG said the transaction reflects AIG Private Client Group’s strategy to focus on the high net worth segment.
“Building on the recent launch of Lloyd’s Syndicate 2019 and the refinement of PCG’s risk appetite, this agreement optimizes our portfolio and allows us to focus on our relationships with our high net worth clients and distribution partners, thereby strengthening our core value proposition,” said Kathleen Zortman, president and chief executive officer of Private Client Group, AIG General Insurance. “We look forward to working with Safeco and Heritage to provide AIG PCG’s upper middle market agents and their customers with a seamless transition.”
Gary Fischer, senior vice president of independent agency channel growth and engagement at Safeco Insurance, said: “As the carrier champion of independent agents, we have world-class book transfer capabilities to ensure a smooth transition for agents and customers. We look forward to partnering with AIG agents to leverage our expanding selection of premier products to help them grow their preferred, upper middle market book with Safeco.”
Bruce Lucas, chairman & CEO for Heritage Insurance Holdings, added: “We are excited to partner with leading personal lines insurance carriers that share our core values. Heritage is known in the industry for our coastal property expertise, offering competitive products, providing excellent policyholder service, and settling claims quickly and fairly. We look forward to partnering with AIG agents, who can expect a seamless transition and strong opportunities for continued growth in the upper middle market customer segment.”
