AIG creates joint venture with Ascot

AIG Europe has entered into an agreement with Ascot Underwriting and other partners to launch a joint venture to serve UK’s high net worth (HNW) insurance market.

The venture, to be known as Azur Underwriting, will operate as a managing general agent (MGA) on behalf of AIG Europe.

Azur will be responsible for managing distribution relationships, providing underwriting and claims expertise, and continuing to deliver risk mitigation services to AIG Europe’s existing, as well as any new, HNW clients.

According to AIG Europe, Azur will leverage its technology capabilities to provide a market leading user experience for clients and brokers.

AIG Europe expects key employees from its Private Client Group division to join Azur with Kate Wells, the current head of AIG Europe PCG, transitioning to lead the new high net worth team at Azur.

Anthony Baldwin, chief executive officer at AIG Europe, said: “The high net worth segment served by the private client group is a high priority growth area for AIG.

“This is a great opportunity for AEL to increase access to the market and grow in the UK by leveraging the latest technology capabilities in underwriting and user experience to provide unique new value propositions for our brokers and clients.

“Azur will be starting from a position of strength and scale, managing AEL’s existing private client portfolio with an established team of experts.”
No financial terms have been disclosed. The deal is expected to close in the third quarter of 2016.