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AIG buys marine arm of Arch Insurance

American International Group has purchased the US ocean marine business of Arch Insurance Company via one of its subsidiary companies.

Under the terms of the agreement, effective immediately, the US ocean marine insurance business underwritten by Arch Insurance Company will be serviced by AIG Global Marine, a division of the property and casualty insurance subsidiaries of AIG.

We look forward to the addition of the Arch US marine portfolio to our client base, and to offer those clients the financial strength, worldwide network, superior claims and loss control, and the wide range of products and services that distinguish AIG Global Marine as a market leader, said Richard Decker, president of AIG Global Marine.