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How does Brexit affect AIG?

12.03.2018
Topic Featured News

Brexit

As a consequence of the United Kingdom’s plans to leave the European Union, AIG has gone through a restructuring in Europe. From the start, AIG has been on the front line when it comes to adjusting its organization to Brexit. On 1st of December 2018, the restructuring of AIG in Europe was brought to an end.

Two insurance companies in Europe

Before the restructuring, AIG operated under the name of AIG Europe Limited (AEL) all over Europe. From 1st of December 2018 onwards, AIG will operate through two insurance companies in Europe – American International Group UK Limited (AIG UK) to write UK business and AIG Europe S.A. (AESA), headquartered in Luxembourg, to write EEA and Swiss business. AESA will have branches across the EEA and in Switzerland, including the Finnish branch. As a part of the restructuring, AEL will transfer all of its existing UK insurance business to AIG UK and all of its existing European insurance business to AESA. 

Clients’ interests are safeguarded throughout the process

AIG’s key priority is to keep providing seamless quality service to its clients and business partners and to safeguard the policyholders’ interests throughout the process. The restructuring will not have any effect on the insurance coverage and the policyholders will not be adversely affected by the restructuring process.

AIG has a distinct competitive advantage in being one of the first in the industry to go through the legal process of transferring its full insurance portfolio in response to Brexit. The great advantage of the restructuring route AIG has chosen is that it will give clients certainty as regards at least their European insurance coverage.

AESA will offer insurance products and solutions across continental Europe as AEL did before. The same teams as before will continue to provide expert underwriting and claims handling and all our contact details will remain the same. 

For more information on Brexit, visit our Brexit site.