Global insurer American International Group is to acquire the full-service broker and insurance company Glatfelter Insurance Group. While terms were not disclosed, the transaction is expected to close in the fourth quarter of 2018.
AIG hopes acquisition of a firm with high-quality program underwriting capabilities deal will accelerate the strategic positioning of AIG’s General Insurance business.
“Glatfelter Insurance Group is an outstanding strategic fit with AIG, bringing high-quality specialty programs business capabilities, a demonstrated track record of strong underwriting results and proprietary program management technology to our General Insurance operations,” explained Brian Duperreault, President and Chief Executive Officer of AIG.
This announcement follows claims from Duperreault at this year’s Monte Carlo conference that AIG needed to be a disciplined taker of risk , saying, “One of the things we have to do is, resurrect the culture of underwriting discipline and underwriting excellence.”
Peter Zaffino, AIG’s CEO of General Insurance said, “I have worked closely with Tony Campisi and Glatfelter for many years and admire their differentiated value for clients, high client retention, collaborative culture and impressive in-house technical capabilities.”
Zaffino added that the addition of Glatfelter to AIG General Insurance will accelerate “the strong underwriting culture” the firm has established.
“We have been doing program business with AIG for 40 years and have developed a very special relationship based on mutual trust and a strong underwriting culture,” said Tony Campisi, CEO of Glatfelter Insurance Group.
“We consider the leadership at AIG to be among the most talented in the insurance industry and look forward to being an integral part of AIG’s commitment to expanding their presence in program business.”
Upon closing, Campisi will report directly to David McElroy, the incoming CEO of AIG General Insurance’s Lexington business.