American International Group has acquired, through a subsidiary company, all of the outstanding shareholdings of Ascot Underwriting Holdings not currently owned by AIG.
Ascot is the managing agency of American International Group’s (AIG) Lloyd’s Syndicate 1414, approved by Lloyd’s in November 2001 to underwrite general insurance business beginning with the 2001 year of account. AIG previously held a 40% minority interest in Ascot, and this transaction involved an acceleration of its option to purchase the agency in 2012. Terms have not been disclosed.
Nicholas Walsh, executive vice president of AIG, said: AIG’s partnership with this underwriting syndicate at Lloyd’s began in 2001 and has already exceeded expectations. It is an opportune time to accelerate our option to purchase the remaining shares of Ascot to expand AIG’s presence in the important Lloyd’s market. Martin Reith and his talented associates, who have managed the syndicate so successfully, will continue in their respective roles.
Martin Reith, CEO of Ascot Underwriting, added: We look forward to expanding our relationship with AIG, with whom we have been a partner since our founding. Our customers can look forward to comprehensive, high-quality service with the worldwide insurance resources that AIG brings to the table.