UK group life specialist Ellipse is now part of American International Group (AIG).
The critical illness and income protection provider has been snapped up from Munich Re by AIG Life Limited, a UK subsidiary of AIG Life & Retirement. Required regulatory approval for the transaction, the terms of which were not disclosed, has been secured.
“I am delighted that we have completed the acquisition of Ellipse and I look forward to working together with our new colleagues to build a stronger combined presence in the UK individual and group risk protection markets,” commented Adam Winslow, international chief executive at AIG Life & Retirement.
The global insurer is of the view that Ellipse’s group protection expertise, alongside its technology-enabled business model, makes it a strong strategic fit with the existing AIG Life Limited operation in the UK.
AIG noted that its expanded British subsidiary will now distribute both group and individual protection insurance products through financial intermediaries, employee benefits consultants, and partnerships.
