AIG strikes MGA deal to drive expansion in high-net-worth markets

The US insurance giant will also use Lloyd’s – specifically its own Syndicate 2019 – to provide capacity.

AIG CEO Peter Zaffino said: “By partnering with a world-class private equity firm like Stone Point, we can maximise the strengths of this business, and improve product offerings to better serve the high and ultra-high-net-worth markets.”

An AIG spokesperson said they could not give any more detail on exactly what markets the MGA would serve.

AIG’s UK footprint

The insurer’s HNW service to UK regional brokers is understood to be barren following the sale of Azur Underwriting to Aviva in August 2022. AIG Europe and Ascot Underwriting had originally set up the Azur Underwriting in 2016.

Upon the launch of Azur, CEO Anthony Baldwin called the UK a ‘high-priority growth area for AIG’.

Aviva’s acquisition of Azur has strengthened its grip on the UK HNW market, having previously snapped up the Axa XL team. 

Stone Point ‘excited’

The Stone Point-backed MGA is likely to focus initially on wealthy clients with assets across the globe. They will use the MGA as a one-stop-shop for their worldwide assets.

Stone Point managing director James Carey, said: “We are excited to be entering this partnership, and look forward to building a top-performing MGA committed to excellence in both the attractive high- and ultra-high-net-worth markets.

“I am confident that Stone Point’s experience in the insurance industry, coupled with AIG’s risk management expertise and product knowledge, will create significant value for all stakeholders.”

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