AIG acquires US broker Glatfelter to strengthen general insurance unit

American International Group (AIG) is acquiring Glatfelter Insurance Group (Glatfelter), a full-service broker and insurance company providing services for specialty programmes and retail operations.

AIG expects the acquisition of the New York, Pennsylvania headquartered firm to accelerate the strategic positioning of AIG’s general insurance business through its “high-quality programme underwriting capabilities”.

“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 programme management technology to our general insurance operations,” said AIG CEO Brian Duperreault. “Glatfelter’s highly talented leadership team will strengthen our efforts to deliver long-term, profitable growth for AIG,” Duperreault added.

Peter Zaffino, AIG’s CEO, general insurance, commented: “I have worked closely with Tony Campisi and Glatfelter for many years and admire their differentiated value for clients, high client retention, collaborative culture and impressive in-house technical capabilities. The addition of Glatfelter to AIG General Insurance accelerates the strong underwriting culture we are establishing. I look forward to formally welcoming Tony and the Glatfelter colleagues to AIG.”

Founded in 1951, Glatfelter’s operations include approximately 3,000 brokers serving approximately 30,000 insureds in the US and Canada. Glatfelter has established unique and differentiated value across multiple niche programme spaces.

The transaction is expected to close in the fourth quarter of 2018, subject to customary closing conditions, including regulatory approvals and clearances in relevant jurisdictions.

Upon closing, Tony Campisi, CEO of Glatfelter will report directly to David McElroy, the incoming CEO of AIG general insurance’s Lexington business.

Campisi said: “We have been doing programme 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 programme business.”

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