Acquisition of a majority of the US life insurance premium finance assets of A.I. Credit Corporation and A.I. Credit Consumer Discount Company
First Insurance Funding Corporation (FIFC), a subsidiary of Wintrust Financial Corporation, has completed the acquisition of a majority of the US life insurance premium finance assets of A.I. Credit Corporation and A.I. Credit Consumer Discount Company (A.I. Credit), subsidiaries of American International Group.
FIFC has acquired the life insurance premium finance portfolios in the industry. Also acquired other assets related to A.I. Credit’ life insurance premium finance business and the assumption of certain related liabilities for approximately $679.5 million.
A majority of A.I. Credit’ life insurance premium finance employees (with expertise in the acquired business) will join FIFC in connection with the sale, and will continue to provide service to customers. If certain conditions are met, FIFC will purchase certain specified additional life insurance premium finance assets for up to an aggregate of $61.2 million.
Edward Wehmer, president and CEO of Wintrust, stated: “The transaction is a significant step in fulfilling Wintrust’s planned expansion in the life insurance premium finance business.”