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NEPTUNE, N.J.—American International Group Inc. said Tuesday that Chartis U.S. Accident and Health and American General Life Cos. will merge their group benefit operations into a single organization, AIG Benefit Solutions.
The new unit will be comprised of Chartis Corporate Benefits and American General Benefit Solutions.
AIG Benefit Solutions will be based in Neptune, N.J., and be headed by Curtis W. Olson, president and CEO of Houston-based American General Benefit Solutions.
“AIG Benefit Solutions is an excellent example of how we can innovate and take advantage of the expertise that spans our entire company, leverage the talent in these two units, leaders in the group benefits markets, and deploy this for the benefit of our customers,” AIG President and CEO Robert H. Benmosche said in a statement.
Integration of the units, which combined have 610 employees, will take place in three phases this year, AIG said.
NEW YORK–American International Group Inc.'s $4.6 billion reserve boost to its Chartis Inc. property/casualty subsidiaries makes AIG an outlier among its peer insurers, many of which have been releasing reserve redundancies for the past two years.