AIG To Buy Glatfelter Insurance Group; Terms Undisclosed

(RTTNews) - American International Group Inc. (AIG) said that it agreed to acquire Glatfelter Insurance Group, a full-service broker and insurance company providing services for specialty programs and retail operations. Headquartered in York, Pennsylvania, Glatfelter brings high-quality program underwriting capabilities that will accelerate the strategic positioning of AIG's General Insurance business. The terms of the transaction were not disclosed.

Founded in 1951, Glatfelter's operations include approximately 3,000 brokers serving approximately 30,000 insureds in the U.S. and Canada. Glatfelter has established unique and differentiated value across multiple niche program spaces. Upon closing, Tony Campisi will report directly to David McElroy, the incoming Chief Executive Officer of AIG General Insurance's Lexington business.

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.