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AIG completes acquisition of Ageas Protect


American International Group (AIG) has completed its previously agreed acquisition of Ageas Protect Limited, a leading provider of term life, critical illness, and income protection coverage to over 350,000 consumers in the UK, Channel Islands and Isle of Man. 

AIG's agreement to acquire Ageas Protect was announced in August 2014.

AIG has been present in the UK insurance market for over 50 years and is known for its expertise in underwriting, distribution and marketing, as well as for its network of strong commercial relationships.
Ageas Protect is recognised in the industry for product innovation, the effective use of technology and high quality service. AIG believes that the acquisition will enhance its Consumer Insurance business and strengthen its capability in the UK, where it already offers personal accident, health and travel insurance coverage to consumers, as well as customised insurance solutions for high net worth individuals through AIG Private Client Group.

“We are excited by this opportunity to strengthen AIG’s presence in the UK life protection market and look forward to working with the management, employees and distributors who have done such a great job in growing Ageas Protect into a leading market presence in such a short time,” says Kevin Hogan, AIG Chief Executive Officer of Consumer Insurance. “The acquisition of Ageas Protect helps drive the continued expansion of AIG’s Consumer portfolio of insurance solutions designed to meet consumer needs for financial and retirement security. By building on shared values such as product innovation and service excellence, we will ensure that AIG becomes the most valued insurer to even more consumers in the UK and everywhere we do business.”

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