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AIG and Ascot establish high net worth MGA

IBR Staff Writer Published 30 June 2016

AIG Europe, along with Ascot Underwriting and other partners, is set to launch a new managing general agent (MGA) Azur Underwriting.

Azur

The new MGA will carry out operations on behalf of AIG Europe.

Azur will offer provide underwriting and claims expertise, as well as risk mitigation services to AIG Europe's existing and new high net worth (HNW) clients.

The MGA will also manage distribution relationships with the customers.

AIG Europe private client group current head Kate Wells and some other employees will join Azur to monitor the operations.

AIG Europe said the new MGA will leverage latest technology capabilities to offer a market leading user experience for clients and brokers.

AIG Europe CEO Anthony Baldwin said: "The high net worth served by the Private Client Group is a high priority growth area for AIG.

"This is a great opportunity for AIG to increase access to the market and grow in the UK by leveraging the latest technology capabilities in underwriting and user experience to provide unique new value propositions for our brokers and clients."

In May last year, AIG purchased a controlling interest in Belgium-based ING Employee Benefits Global Network.

The acquired business was renamed as AIG Global Benefits Network, in which Netherlands-based Nationale-Nederlanden and France's Malakoff Mederic are minority shareholders.

The network offers administrative and marketing services to insurance companies that provide benefit solutions to multinational employers.


Image: AIG headquarters on 175 Water Street New York City. Photo: courtesy of AIG.