AIG Reports Authorisation Of New Insurance Companies In UK & Luxembourg

(RTTNews) - American International Group, Inc. (AIG) announced the authorisation of new insurance companies in the United Kingdom and Luxembourg that will see all business transferred to the new entities ahead of the UK leaving the European Union. The restructure involves the transfer of AIG Europe Limited's existing insurance business to the new UK and European companies and the merger of its existing carrier, AIG Europe Limited into the new European company. It is expected to take effect, and the new companies to begin writing business from, 1 December 2018.

Chief Executive of AIG Europe Limited said: "We set a number of guiding principles from the very start as to how AIG would address Brexit. First amongst these was minimising disruption to clients. The great advantage of the restructuring route we have chosen is that it will give clients certainty that whatever the other unknowns of Brexit for their businesses, their European insurance coverage has been Brexit-proofed. We have already established a platform in Europe for writing future new business and renewals, and by transferring our existing business, AIG will remove uncertainty for clients, including not being reliant on the development of a grandfathering regime for existing contracts."