Insurance giant American International Group (AIG) has agreed to acquire US-based full-service insurance broker and insurance company Glatfelter Insurance Group for an undisclosed price.
Based in Pennsylvania, Glatfelter Insurance Group offers services for specialty programs and retail operations.
AIG said Glatfelter has established unique and differentiated value across multiple niche program spaces.
The global insurer expects the transaction to accelerate the strategic positioning of its general insurance business through the underwriting capabilities of the insurance broker.
AIG president and CEO Brian Duperreault said: “Glatfelter Insurance Group is an outstanding strategic fit with AIG, bringing high-quality specialty programs business capabilities, a demonstrated track record of strong underwriting results and proprietary program management technology to our General Insurance operations.
“Glatfelter’s highly talented leadership team will strengthen our efforts to deliver long-term, profitable growth for AIG.”
Established in 1951, the network of Glatfelter Insurance Group is made up of around 3,000 brokers serving nearly 30,000 insureds in the US and also in Canada.
The insurance broker operates the community retail insurance agencies – The Glatfelter Agency in Pennsylvania and The Insurancenter in Missouri. The two retail insurance agencies offer direct sales and marketing of personal, business and commercial insurance products.
Glatfelter Insurance Group through its Glatfelter Program Managers division offers property, casualty, life, accident and health insurance programs.
Glatfelter Insurance Group CEO Tony Campisi said: “We have been doing program business with AIG for 40 years and have developed a very special relationship based on mutual trust and a strong underwriting culture.
“We consider the leadership at AIG to be among the most talented in the insurance industry and look forward to being an integral part of AIG’s commitment to expanding their presence in program business.”
AIG said that upon closing of the deal, Tony Campisi will work under David McElroy, the incoming CEO of AIG General Insurance’s Lexington business.
AIG acquisition of Glatfelter Insurance is anticipated to be completed in the fourth quarter of 2018, based on meeting of customary closing conditions such as regulatory approvals and clearances in relevant jurisdictions among others.
Earlier this year, AIG agreed to acquire Validus, a reinsurance, primary insurance and asset management services provider, for a sum of $5.6bn.