American International Group (AIG) has completed its acquisition of Ellipse, a specialist provider of group life risk protection in the UK, from Munich Re.
Funded by an undisclosed cash consideration, the purchase was conducted via AIG Life, a UK subsidiary of AIG Life & Retirement.
AIG said that Ellipse’s group protection capabilities, which include life, critical illness, and income protection products, along with its technology-enabled business model, will position AIG Life to efficiently manage group risk schemes for companies of all sizes.
AIG Life will now distribute both group and individual protection insurance products to UK consumers through financial intermediaries, employee benefits consultants and partnerships.
“I am delighted that we have completed the acquisition of Ellipse, and I look forward to working together with our new colleagues to build a stronger combined presence in the UK individual and group risk protection markets,” said Adam Winslow, Chief Executive Officer, International at AIG Life & Retirement.