American International Group (AIG) has wrapped up the acquisition of Bermuda-based Validus Holdings after the company secured relevant regulatory and shareholder approvals.
In January 2018, AIG signed an agreement to buy Validus in an all-cash deal valued at approximately $5.56bn. Validus offers reinsurance, primary insurance, and asset management services to its customers.
As a result of acquisition, AIG will gain reinsurance platform Validus Re, insurance-linked securities asset manager AlphaCat and Lloyd’s syndicate Talbot.
Furthermore, AIG will gain US small commercial excess and surplus underwriting specialist Western World in addition to North American crop insurance market Crop Risk Services.
Commenting on the acquisition, AIG CEO Brian Duperreault said: “Validus’ experienced team and complementary businesses will help us deliver sustainable, profitable growth as we continue to build value for our shareholders.”
AIG CEO of general insurance Peter Zaffino said: “The Validus businesses will be immediately accretive to our performance in general insurance now that they are officially part of AIG.”
AIG, established in 1919, deliver a number of life insurance, retirement products, property and casualty insurance, and other financial services to customers in more than 80 countries and jurisdictions.