American International Group, Inc. has announced that AIG Private Client Group’s (PCG) agents will soon be able to transition their upper middle market personal insurance business to Heritage Insurance Holdings, Inc. and Safeco Insurance, a Liberty Mutual Company.
Beginning in Q4 2020, AIG will 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 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 & 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,” he added.
Gary Fischer, Senior Vice President of Independent Agency Channel Growth and Engagement at Safeco, also commented: “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, further stated: “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,” Lucas continued.
“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.”
More than 90% of Heritage’s portion of this transition is represented by policies outside Florida, which it believes will benefit portfolio diversification.
Renewals will be offered in sixteen of Heritage’s seventeen licensed states, with the majority in the northeast.