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AIG Private Client Group signs agreement with Safeco and Heritage.

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M2 EQUITYBITES-June 30, 2020--AIG Private Client Group signs agreement with Safeco and Heritage

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Global Banking News - 30 June 2020

American International Group Inc. (NYSE: AIG) has said that it has signed an agreement with Safeco Insurance, a Liberty Mutual Company, and Heritage Insurance Holdings Inc. (NYSE: HRTG), to offer AIG Private Client Group's (PCG) agents the ability to transition their upper middle market personal insurance business to Safeco and Heritage.

Subject to regulatory requirements in relevant jurisdictions, the transition is expected to take place beginning in the fourth quarter of 2020.

Under the agreement, AIG will transition to Safeco and Heritage a select portion of its personal insurance business that provides upper middle market clients with home, auto and umbrella insurance policies. The transaction is intended to help AIG Private Client Group to focus on the high net worth segment.

'Building on the recent launch of Lloyd's Syndicate 2019 and the refinement of PCG's risk appetite, this agreement optimises our portfolio and allows us to focus on our...

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