AIG to Create Independent Agency to Serve Wealthiest Clients
February 22, 2023 by Jeff Berman
American International Group said Monday it entered into a binding memorandum of understanding with Stone Point Capital, a private equity firm specializing in investing in businesses within the global financial services sector, to create an independent managing general agency to serve high-net-worth and ultra-high-net-worth markets.
AIG’s Private Client Group will shift to the new independent MGA platform and be rebranded as Private Client Select Insurance Services.
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Wink’s Note: WHAAAT?!?
AIG is creating their own managing general agency with Stone Point Capital, to “serve high-net-worth and ultra-high-net-worth markets.”
Has this been done before? – sjm