AIG Europe (AEL), the European subsidiary of American International Group (AIG), has received approval from the High Court of England & Wales to transfer business into two new entities, signalling a completion of its move to restructure its European operations and ensure readiness for brexit.
American International Group UK (AIG UK) and AIG Europe SA (AESA) enables the company to continue servicing all of its policyholders and business partners across the UK and Europe, and guarantees contract certainty to all AEL policyholders, regardless of the future relationship between the UK and the EU.
Both companies will start writing business and policyholders will transfer from AEL to the relevant new entity on 1 December.
AIG UK will be based in London, and will continue the business of AEL’s existing UK operations.
AESA will be headquartered in Luxembourg City, with 21 branches across the EEA and Switzerland.
“Today is an important day most of all for our clients, as we can now guarantee them access to the full range of our capabilities after Brexit,” said Anthony Baldwin, Chief Executive Officer of AEL and AIG UK.
“We have cleared the final major legal hurdle in our Brexit plans which will enable us to offer our clients, partners and colleagues certainty that AIG is ready to overcome the challenges posed to the insurance industry by Brexit, regardless of the UK’s future relationship with the European Union.”
“All our clients can be assured of past, present and future contract certainty under the new structure. As we launch our two new legal entities to ensure the smooth operation of our business across Europe after Brexit, it’s an exciting time for AIG.”