AIG’s Brexit Restructure Approved

By a News Reporter-Staff News Editor at Insurance Weekly News -- American International Group, Inc. (NYSE:AIG) announced that its European subsidiary, AIG Europe Limited ('AEL') has received approval from the High Court of England & Wales to transfer its business into two new entities: American International Group UK Limited ('AIG UK') and AIG Europe SA ('AESA') in preparation for the UK's exit from the European Union. This is the final UK approval needed to complete the restructuring of AIG's European operations and ensure AIG's readiness for Brexit.

The two-entity structure enables AIG to continue to service all of its policyholders and business partners across the UK and Europe, and to guarantee contract certainty to all AEL policyholders, regardless of the future relationship between the UK and the EU. Both companies will start writing business and policyholders will transfer from AEL to the relevant new entity on 1 December 2018.

AIG currently writes business in Europe from AEL, a single insurance company, based in the UK with branches across Europe. As part of the restructure, AIG will merge AEL into AESA.

AIG UK will be based in London, UK, and will continue the business of AEL's existing UK operations. The UK is AIG's largest single operation in Europe. AESA will be headquartered in Luxembourg City, Luxembourg, with 21 branches across the EEA and Switzerland.

Commenting on the developments, Anthony Baldwin, CEO of AEL and AIG UK, said: "Today is an important day most of all for our clients, as we can now guarantee them access to the full range of our capabilities after Brexit. We have cleared the final major legal hurdle in our Brexit plans which will enable us to offer our clients, partners and colleagues certainty that AIG is ready to overcome the challenges posed to the insurance industry by Brexit, regardless of the UK's future relationship with the European Union. All our clients can be assured of past, present and future contract certainty under the new structure. As we launch our two new legal entities to ensure the smooth operation of our business across Europe after Brexit, it's an exciting time for AIG." Notes to editors American International Group, Inc. (AIG) is a leading global insurance organisation. Founded in 1919, today AIG member companies provide a wide range of property casualty insurance, life insurance, retirement products, and other financial services to customers in more than 80 countries and jurisdictions. These diverse offerings include products and services that help businesses and individuals protect their assets, manage risks and provide for retirement security. AIG common stock is listed on the New York Stock Exchange and the Tokyo Stock Exchange.

Additional information about AIG can be found at www.aig.com | YouTube: www.youtube.com/aig | Twitter: @AIGinsurance www.twitter.com/AIGinsurance | LinkedIn: www.linkedin.com/company/aig. These references with additional information about AIG have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release.

AIG is the marketing name for the worldwide property-casualty, life and retirement, and general insurance operations of American International Group, Inc. For additional information, please visit our website at www.aig.com. All products and services are written or provided by subsidiaries or affiliates of American International Group, Inc. Products or services may not be available in all countries, and coverage is subject to actual policy language. Non-insurance products and services may be provided by independent third parties. Certain property-casualty coverages may be provided by a surplus lines insurer. Surplus lines insurers do not generally participate in state guaranty funds, and insureds are therefore not protected by such funds. View source version on businesswire.com: https://www.businesswire.com/news/home/20181025005774/en/

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