AIG is acquiring Ellipse, a group life insurer previously run by Munich Re. The transaction is subject to regulatory approval and will be closed in Q1 2019.
Launched in 2009, Ellipse is the 6th largest UK group life provider which primarily focuses on life, critical illness and income protection products. As of May’2018, it manages about £64m of in-force premiums and c,4,500 in-force policies covering 370K+ lives.
Kevin Hogan , Executive VP and CEO of AIG Life & Retirement has said of the Ellipse acquisition: “The acquisition of Ellipse reflects our disciplined approach to selectively expanding our existing Life & Retirement businesses while pursuing opportunistic growth.Ellipse brings a strong team with a scalable business platform to our well-positioned, technology-driven UK life business.
Ultimately, this acquisition of Eclipse demonstrates the fact that established players such as AIG always have the option to acquire smaller insurtechs or insurers to accelerate their market development or technology goals should their internal efforts fail to meet expectations.