Insurance trade associations AIA, PCI explore merger
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The American Insurance Association and the Property Casualty Insurers Association of America are in talks to merge their organizations into one trade association.
The boards of the Washington-based AIA and Chicago-based PCI “believe there is great benefit in a more unified policy and advocacy voice for property casualty insurers, given the unprecedented pace of change in the world and the resulting potential opportunities and challenges,” according to a joint statement by AIA Chair Anthony Kuczinski and PCI Chair Kurt Bock. “A merged trade association would speak for approximately 60% of the U.S. property/casualty market, representing the full breadth of the industry and creating an even more influential voice.”
The two boards have authorized merger discussions and due diligence, but “there remains a great deal of work to do before our boards are in a position to make a final recommendation to our memberships regarding a merger,” Messrs. Kuczinski and Bock said.
“The boards have agreed in principle that the governance structure of a new trade (association) would have to reflect the broad diversity of the united membership and continue both organizations’ strong support for promoting and improving private competitive insurance market solutions and the U.S. state-based regulatory system through effective public policy engagement,” they said.
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