aig_istock_picturelake
iStock/ Picturelake
18 July 2018Insurance

AIG closes Validus acquisition

American International Group (AIG) has completed its  acquisition of Bermuda-based Validus Holdings after receiving regulatory and shareholder approvals.

AIG unveiled its plan to acquire Validus in January 2018 for an aggregate transaction value of $5.56 billion, funded by cash on hand.

Through Validus, AIG is adding reinsurance platform Validus Re to the group, insurance-linked securities asset manager AlphaCat, and Lloyd's syndicate Talbot. Furthermore, AIG is incorporating US small commercial excess and surplus underwriting specialist Western World as well as North American crop insurance market Crop Risk Services.

"Validus' experienced team and complementary businesses will help us deliver sustainable, profitable growth as we continue to build value for our shareholders," said AIG CEO Brian Duperreault.

Peter Zaffino, AIG's chief executive officer, general insurance, added: “The Validus businesses will be immediately accretive to our performance in general insurance now that they are officially part of AIG."

Get all the latest re/insurance industry news with our daily newsletter -  sign up here.

More of today's news

Clark replaces Beale as CII president

Aviation insurance market rates harden further

Miller appoints energy construction lead from Marsh

Don't miss our insurtech email newsletter - sign up today

Already registered?

Login to your account

To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.

Two Weeks Free Trial

For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk


More on this story

Insurance
13 March 2019   Bermuda-based Validus Reinsurance, a part of American International Group (AIG), is planning to establish a new reinsurance branch in Canada.
Insurance
6 November 2018   Validus Specialty, a member of American International Group (AIG), has hired a senior JLT executive to lead its US political risk and credit insurance team based in New York.
Insurance
3 April 2018   Large primary carriers are re-entering the reinsurance market after having largely abandoned the sector in the 1990s and early 2000s, according to Willis Re CEO James Kent.