AIG says it believes Ellipse’s group protection expertise, alongside its technology-enabled business model, makes it a strong strategic fit with the existing AIG Life Limited operation in the UK.
AIG Life will now distribute both group and individual protection insurance products to UK consumers through financial intermediaries, employee benefits consultants and partnerships.
The transaction, the terms of which were not disclosed, completed following regulatory approval.
Adam Winslow, CEO, International at AIG Life & Retirement, says: “I am delighted that we have completed the acquisition of Ellipse and I look forward to working together with our new colleagues to build a stronger combined presence in the UK individual and group risk protection markets.”