Two new entities – AIG UK and AIG Europe SA – will begin trading from 1 December
AIG Europe Limited (AEL) will restructure its business into two new entities: AIG UK and AIG Europe SA (AESA), in preparation for the UK’s exit from the European Union.
This completes the restructuring of the insurer’s European operations, in the lead up to the UK’s departure from the EU.
Both companies will start writing business and policyholders will transfer from AEL to the relevant new entity on 1 December 2018.
AIG currently writes business in Europe from AEL, a single insurance company, based in the UK with branches across Europe. As part of the restructure, AIG will merge AEL into AESA.
AIG UK will be based in London, UK, and will continue the business of AEL’s existing UK operations.
The UK is AIG’s largest single operation in Europe. AESA will be headquartered in Luxembourg City, Luxembourg, with 21 branches across the EEA and Switzerland.
Commenting on the developments, Anthony Baldwin, CEO of AEL and AIG UK, said: “Today is an important day most of all for our clients, as we can now guarantee them access to the full range of our capabilities after Brexit.
“We have cleared the final major legal hurdle in our Brexit plans which will enable us to offer our clients, partners and colleagues certainty that AIG is ready to overcome the challenges posed to the insurance industry by Brexit, regardless of the UK’s future relationship with the EU.
“All our clients can be assured of past, present and future contract certainty under the new structure. As we launch our two new legal entities to ensure the smooth operation of our business across Europe after Brexit, it’s an exciting time for AIG.”