AIG has announced that its definitive agreement with funds managed by Stone Point Capital to form an independent Managing General Agency specialising in the High Net Worth and Ultra High Net Worth markets called Private Client Select Insurance Services (PCS) has successfully closed.
AIG and the re/insurance-focused private equity firm Stone Point’s plans to form PCS and move AIG’s Private Client Group (PCG) business to this new independent platform were first announced in February 2023.
At the time, it was reported that PCG personnel, alongside its experienced leadership team led by President and Chief Executive Officer, Kathleen Zortman, will transfer to the new MGA.
In February, Peter Zaffino, the Chairman and CEO of AIG said, “As previously disclosed, AIG has been exploring structures that, over time, will allow PCG to be supported by third-party capital providers, including AIG and its innovative syndicate at Lloyd’s, referred to as Syndicate 2019.
“By partnering with a world-class private equity firm like Stone Point, we can maximize the strengths of this business and improve product offerings to better serve the High and Ultra High Net Worth markets.”
Jim Carey, Managing Director, Stone Point, also noted, “We are excited to be entering this partnership and look forward to building a top performing MGA committed to excellence in the attractive High and Ultra High Net Worth markets.
“I am confident that Stone Point’s experience in the insurance industry, coupled with AIG’s risk management expertise and product knowledge, will create significant value for all stakeholders.”
