Global insurer American International Group (AIG) has completed the acquisition of UK life protection carrier Ageas Protect from Ageas Group, for around £197m (EUR250m).
The higher amount follows completion adjustments, including a subordinated debt of £15m and interest on the consideration, compared to the previously announced consideration of £181m.
Launched in July 2008, Ageas Protect provides term life, critical illness, and income protection coverage to around 350,000 consumers in the UK, Channel Islands and Isle of Man.
AIG consumer insurance chief executive officer Kevin Hogan said: "We are excited by this opportunity to strengthen AIG’s presence in the UK life protection market and look forward to working with the management, employees and distributors who have done such a great job in growing Ageas Protect into a leading market presence in such a short time.
"The acquisition of Ageas Protect helps drive the continued expansion of AIG’s Consumer portfolio of insurance solutions designed to meet consumer needs for financial and retirement security."
Both the companies entered into the deal in August 2014.
The deal is said to expand AIG’s consumer insurance business in the UK, where it currently provides personal accident, health and travel insurance coverage to consumers, as well as customized insurance solutions for high net worth individuals through AIG Private Client Group.
Serving customers in more than 130 nations and regions, AIG offers property-casualty, as well as life insurance and retirement insurance products and services.
Image: AIG headquarters on 175 Water Street New York City. Photo: courtesy of AIG.