AIG and Stone Point close deal on high-net-worth specialist MGA
AIG and Stone Point close deal on high-net-worth specialist MGA | Insurance Business America
Insurance News
AIG and Stone Point close deal on high-net-worth specialist MGA
Firm expects to start operating in Q3 2023
Insurance News
By
Mary Or
American International Group (AIG) has successfully closed its agreement with funds managed by Stone Point Capital to form an independent managing general agency called Private Client Select Insurance Services, which will specialize in high net worth and ultra high net worth markets and begin operations in the third quarter of 2023.
Though the terms of the transaction were not then disclosed, AIG and Stone Point jointly announced plans to form Private Client Select as early as February this year, aligned with AIG’s decision to move its private client group business to a new and independent platform. The companies finalized their agreement last April.
Stone Point is an investment and asset management firm based in Greenwich, Connecticut with over $45 billion of assets under management. It specializes in investing in global financial services companies and businesses from related sectors. Stone Point also invests in a number of alternative asset classes through its flagship Trident Funds and provides dedicated financing solutions to its portfolio companies and clients through its advising arm, Stone Point Capital Markets.
“We are excited to be entering this partnership and look forward to building a top performing MGA committed to excellence in the attractive high and ultra high net worth markets,” said Stone Point president Jim Carey in a previous statement. “I am confident that Stone Point’s experience in the insurance industry, coupled with AIG’s risk management expertise and product knowledge, will create significant value for all stakeholders.”
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