AIG to acquire Ellipse from Munich Re

American International Group, Inc. (AIG) and Munich Re have announced that AIG Life Ltd. (AIGLL), a UK subsidiary of AIG Life & Retirement, has agreed to acquire Ellipse, a specialist provider of group life risk protection in the UK, from Munich Re.

Ellipse’s group protection capabilities, which include life, critical illness and income protection products, along with its technology-enabled business model with high levels of straight through processing, will position AIGLL to efficiently manage group risk schemes for companies of all sizes.

“Ellipse’s group life business is highly complementary to AIG’s existing UK Individual Protection offering. It positions us to capitalize on the strong growth potential in the UK group market by allowing us to provide a holistic suite of innovative protection products that better serve our clients and partners,” said Adam Winslow, CEO, AIGLL. “Additionally, I’m excited to start working side by side with our Ellipse colleagues, who share a similar culture and entrepreneurial spirit, a mono-line protection focus and recognised technology leadership.”

Lee Lovett, chief executive officer of Ellipse, added, “I would like to thank Munich Re for supporting the development and growth of Ellipse over the last 9 years, such that we are now recognized as a mainstream group risk insurer. We now look forward to the next exciting chapter of our growth story with our new owner, AIG Life.”