American Worldwide Group mentioned it has finalized an settlement with personal fairness agency Stone Level Capital to type Personal Consumer Choose (PCS) Insurance coverage Companies.
PCS will likely be an unbiased managing basic agent serving the excessive internet value and extremely excessive internet value market. PCS is predicted to start out doing enterprise within the third quarter, AIG mentioned.
AIG’s Personal Consumer Group (PCG) enterprise will transfer to the brand new PCS platform and model.
Phrases of the transaction, first introduced in February, weren’t disclosed.
Associated: AIG, Stone Level Capital to Kind Unbiased MGA for Excessive Web Value Enterprise
On the finish of 2021, AIG CEO Peter Zaffino spoke about shifting AIG’s excessive internet value householders enterprise out of the admitted market resulting from excessive frequency and severity of disaster losses. In mid-2022, Zaffino reported that AIG had exited the admitted private property householders market in sure states, with a plan to arrange one thing like PCS, supported by third-party capital.
“By partnering with a world-class personal fairness agency like Stone Level, we are able to maximize the strengths of this enterprise and enhance product choices to raised serve the excessive and extremely excessive internet value markets,” mentioned Zaffino in February.
Additionally in February, Stone Level acquired 20% of insurance coverage dealer Truist for about $2 billion.
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