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NEW YORK--American International Group Inc.'s global marine unit has struck a deal to purchase Arch Insurance Co.'s U.S. ocean marine book of business, AIG said Monday.
The terms of the deal--which is effective immediately--were not disclosed, according to an AIG spokesman.
Among the lines of coverage included in Arch's U.S. marine portfolio are ocean cargo, hull protection and indemnity, and marine liabilities.
Under the agreement, all U.S. ocean marine insurance policies underwritten by Arch Insurance Co., a unit of Hamilton, Bermuda-based Arch Capital Group Ltd., will be serviced by AIG Global Marine.
Richard Decker, president of AIG Global Marine, in a statement said: "We look forward to the addition of the Arch U.S. marine portfolio to our client base."
Representatives for Arch could not be reached.