(Reuters) - American International Group Inc (AIG.N) said on Friday the insurer will acquire Glatfelter Insurance Group, a York, Pennsylvania-based insurance broker.
American International Group Inc (AIG) Chief Executive Officer, Brian Duperreault poses in this photo provided August 29, 2018. AIG/Handout via REUTERS
Privately owned Glatfelter provides services for specialty insurance and has underwriting capabilities that will help boost AIG’s general insurance business, AIG said.
Terms of the deal were not disclosed.
AIG’s latest move comes as Chief Executive Officer Brian Duperreault, who took charge last year, is trying to grow the insurer as part of a strategy for boosting its revenues.
But finding acquisition targets that meet his criteria has been challenging, Duperreault has said.
In June, AIG bought a UK group life insurance specialist from Munich Re for undisclosed terms.
In July, AIG finalized its acquisition of Bermuda-based reinsurer Validus Holdings Ltd for $5.56 billion, the insurer’s first major acquisition since the 2007-2009 global financial crisis.
Duperreault, who is also trying to expand AIG’s global reach, has said he is looking for a company in a large market with a mature legal system that does not cost too much.
Glatfelter employs about 3,000 brokers and has expertise in niche insurance coverage, AIG said.
AIG expects to close the deal during the fourth quarter of 2018, it said.
Reporting by Suzanne Barlyn; Editing by Chizu Nomiyama and Phil Berlowitz