A big-ticket acquisition reported earlier in the year is finally done. After announcing plans to acquire Validus Holdings, Ltd. in January, American International Group (AIG) has now completed the deal after it got the go-ahead from regulators and Validus shareholders.
As a result of the acquisition, AIG gains an attractive bundle of business, including a reinsurance platform (Validus Re), an insurance-linked securities asset manager (AlphaCat), a Lloyd’s syndicate (Talbot), a specialty US small commercial excess and surplus underwriting team (Western World), and finally, Crop Risk services, which focuses on the North American crop insurance market.
“We are very pleased to welcome Validus to AIG,” said Brian Duperreault, president and CEO of AIG. “Validus’ experienced team and complementary business will help us deliver sustainable, profitable growth as we continue to build value for our shareholders.”
Peter Zaffino, AIG’s CEO, general insurance, added that the company looks forward to working with the Validus team as well as expanding its capabilities and the value it can bring to clients and broker partners through the acquisition.
“The Validus business will be immediately accretive to our performance in general insurance now that they are officially part of AIG,” said Zaffino.