AIG Acquires All of Lloyd’s Managing Agent Ascot

American International Group Inc. has acquired complete ownership of Ascot Underwriting Holdings Ltd., the Lloyd’s managing agent in which it had held a 40% stake. The price was not disclosed.

Ascot operates AIG’s Syndicate 1414, which has been writing business in Lloyd’s since 2001. AIG had held an option to acquire all of Ascot in 2012.

AIG’s experience with Ascot “has already exceeded expectations,” Nicholas C. Walsh, AIG executive vice president, said in a statement. “It is an opportune time to accelerate our option to purchase the remaining shares of Ascot to expand AIG's presence in the important Lloyd's market.”

Martin Reith, chief executive of Ascot Underwriting Ltd., will remain in his job.

“Ascot has achieved rapid growth to become one of the largest syndicates operating at Lloyd's of London, servicing customers throughout the world from our offices in London, Singapore, Spain and Houston, Texas,” Reith said in a statement.

American International Group currently has a Best’s Financial Strength Rating of A+ (Superior).

Lloyd’s and Syndicate 1414 currently have ratings of A (Excellent).

(By Robert O'Connor, London editor)