AIG and Stone Point finalize MGA deal

AIG announced that it has finalized its agreement with funds managed by Stone Point Capital, a private equity firm focused on investing in businesses within the global financial services industry, to form Private Client Select Insurance Services, an independent Managing General Agency to serve High Net Worth and Ultra High Net Worth markets.

As previously announced in February 2023, AIG’s Private Client Group business will move to this new independent platform and be rebranded. Subject to customary regulatory approvals, PCS is expected to begin producing business in the third quarter of 2023.

The terms of the transaction have not been disclosed.