PCI in negotiations to merge with AIA
The Property Casualty Insurers Association of America (PCI) and the American Insurance Association (AIA) are in negotiations to merge the two US-based organisations, according to a joint statement.
“The respective boards of AIA and PCI believe there is great benefit in a more unified policy and advocacy voice for property casualty insurers, given the unprecedented pace of change in the world and the resulting potential opportunities and challenges,” the statement said.
“A merged trade association would speak for approximately 60 percent of the US property casualty market, representing the full breadth of the industry and creating an even more influential voice,” the statement continued.
“With that in mind, the AIA and PCI boards have authorized merger discussions and due diligence.
“There remains a great deal of work to do before our boards are in a position to make a final recommendation to our memberships regarding a merger. Our respective boards are considering how to best represent our members and position the industry for the long-term opportunities in this period of unprecedented change.
“The boards have agreed in principle that the governance structure of a new trade would have to reflect the broad diversity of the united membership and continue both organizations’ strong support for promoting and improving private competitive insurance market solutions and the US state-based regulatory system through effective public policy engagement.
The joint statement was issued by Anthony Kuczinski, CEO of Munich Reinsurance America and chair of the AIA board of directors and Kurt Bock, CEO of COUNTRY Financial and PCI chair of the board of directors.
“Our goal would be to combine the best of both organizations into one preeminent thought leadership and advocacy voice for personal, commercial and specialty property casualty companies, while providing valuable information and compliance services.
“Industry unity has defined the outcome of the most paramount property casualty issues at the state, federal, and international levels, and will continue to shape future policy results. We are stronger together—companies of all sizes, structures, and regions,” the statement said.
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