AIG Agrees to Sell Stake in Ascot Lloyd’s Syndicate, Maintains Strategic Relationship with Ascot in Bermuda
Total consideration for the deal is
Ascot and AIG founded the managing agency and the syndicate in 2001. As a global specialty insurance underwriter, Ascot focuses on property insurance, marine insurance, and reinsurance.
AIG will maintain its strategic partnership with
As part of the agreement, AIG, CPPIB, and Ascot intend to expand a collective commercial relationship in
“This deal successfully repositions our strategic focus and underwriting capacity to our relationship with Ascot in
Evercore served as financial advisor to AIG, and
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements, including the closing of the transaction described herein, are not historical facts but instead represent only AIG’s belief regarding future events, many of which, by their nature, are inherently uncertain and outside AIG’s control. Except for AIG’s ongoing obligation to disclose material information as required by federal securities laws, AIG is not under any obligation (and expressly disclaims any obligation) to update or alter any forward-looking statements, whether written or oral, that may be made from time to time, whether as a result of new information, future events or otherwise. Factors that could cause AIG’s actual results to differ, possibly materially, from any forward-looking statements include the factors set forth in AIG’s filings with the
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Additional information about AIG can be found at www.aig.com and www.aig.com/strategyupdate |
AIG is the marketing name for the worldwide property-casualty, life and retirement, and general insurance operations of
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