AIG enters into transition agreement

American International Group, Inc. recently announced that it has entered into an agreement with Safeco Insurance, a Liberty Mutual Company, and Heritage Insurance Holdings, Inc. to offer AIG Private Client Group’s (PCG) agents the ability to transition their upper middle market personal insurance business to Safeco and Heritage. This transition will take place beginning in the fourth quarter of 2020, subject to regulatory requirements in relevant jurisdictions.

AIG will transition a select portion of its personal insurance business that provides upper middle market clients with home, auto and umbrella insurance policies to Safeco and Heritage. This transaction further reflects AIG Private Client Group’s strategy to focus on the high net worth segment, where it is a recognized market leader.

“Building on the recent launch of Lloyd’s Syndicate 2019 and the refinement of PCG’s risk appetite, this agreement optimises our portfolio and allows us to focus on our relationships with our high net worth clients and distribution partners, thereby strengthening our core value proposition,” said Kathleen Zortman, president & chief executive officer of Private Client Group, AIG General Insurance. “We look forward to working with Safeco and Heritage to provide AIG PCG’s upper middle market agents and their customers with a seamless transition.”