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American International Group Inc. has agreed to buy Glatfelter Insurance Group, AIG said in a statement Friday.
Terms of the transaction, expected to close in fourth-quarter 2018, were not disclosed.
Glatfelter has about 500 associates serving 30,000 insureds in the U.S. and Canada, the statement said. The York, Pennsylvania-based specialty program manager and retail broker was founded in 1951 by Art Glatfelter.
Upon closing, Tony Campisi, CEO of Glatfelter Insurance Group, will report directly to David McElroy, the incoming CEO of AIG General Insurance’s Lexington business, the statement said.
“Glatfelter Insurance Group is an outstanding strategic fit with AIG, bringing high-quality specialty programs business capabilities, a demonstrated track record of strong underwriting results and proprietary program management technology to our general insurance operations,” Brian Duperreault, president and CEO of AIG, said in the statement.
“We have been doing program business with AIG for 40 years and have developed a very special relationship,” Mr. Campisi said in the statement.
American International Group Inc. is looking for acquisition opportunities and joint ventures in Brazil to grow its business in the region, Estadao reported. AIG is looking to cover small and medium-sized enterprises especially in the judicial guarantee segment due to lack of capacity and competition.