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American International Group Inc. has integrated its European insurance operations into a single insurance company — AIG Europe Ltd. — AIG announced Monday.
AIG Europe is headquartered in London and is now the U.K.'s second-largest property/casualty insurance company and the largest U.S.-based property/casualty insurer in Europe, said AIG in a statement announcing the move.
“The effect of this restructure allows for greater capital efficiency, a more unified corporate governance structure and an increased level of transparency — all provided for under a single European regulator,” said Robert S. Schimek, president and CEO of Europe, Middle East and Africa, in the statement.
“These changes will not affect any terms and conditions in our clients' insurance policies or their ability to claim, nor will they impact our regional or country operating management structure,” he said.
“This marks the most significant milestone in a series of transactions, which began two years ago, concluding with the merger and portfolio transfer of AIG's principal continental European entity, Chartis Europe S.A., into Chartis Europe Ltd., renamed AIG Europe Ltd.,” said AIG in the statement.
NEW YORK—American International Group Inc.'s Chartis Inc. unit is realigning its geographic structure to better serve clients, Chartis CEO Peter Hancock said Tuesday.