AIA and PCI Announce Merger Agreement

DES PLAINES, Illinois, Dec. 21 -- The Property Casualty Insurers Association of America issued the following joint statement:

The following is a joint statement from Anthony J. Kuczinski, President and Chief Executive Officer of Munich Reinsurance America, Inc. and Chair of the Board of Directors of the American Insurance Association (AIA) and Pete McPartland, Chairman of the Board, President, and CEO of Sentry Insurance and Chair of the Board of Governors of the Property Casualty Insurers Association of America (PCI).

"We are pleased to announce the respective memberships of AIA and PCI have strongly approved a merger. Starting January 1, 2019, the American Property Casualty Insurance Association (APCI) will house the combined organizations and speak for nearly 60 percent of the U.S. property-casualty market.

"APCI will reflect the broad diversity of the united membership and continue both organizations' strong support for promoting and improving private competitive insurance market solutions and the U.S. state-based regulatory system through effective public policy engagement.

"APCI will represent the full breadth of the industry, creating an even more unified and influential advocacy voice."

"Some work still lies ahead to fully integrate the two organizations, and AIA and PCI staff are committed to maintaining continuity during the transition, delivering a strong value proposition to our members, and providing ongoing thought leadership for the industry."