AIG has completed its acquisition of full-service broker and program manager Glatfelter Insurance Group.
The transaction was first announced in September. According to AIG, the acquisition is a key element in its strategy to reposition its general insurance business.
Headquartered in York, PA, Glatfelter is known for offering services for specialty programs and retail operations. The broker has more than 500 associates serving 30,000 clients across both the US and Canada.
“Glatfelter’s strong underwriting culture and deeply experienced management team with expertise in North American programs will help us deliver sustainable, profitable growth as we continue to build value for our stakeholders,” said AIG CEO Brian Duperreault. “We are very pleased to welcome Glatfelter to AIG.”
“Glatfelter is a terrific strategic fit for us. We look forward to working with Tony Campisi and the Glatfelter team to expand our Programs business and deliver differentiated value to our clients and partners,” commented AIG CEO of general insurance Peter Zaffino.
AIG posted its third quarter results last week, reporting a net loss for the quarter driven by catastrophe losses in both Japan and North America.