AIG Completes Sale of United Guaranty Corporation to Arch Capital Group Limited
January 03 2017 - 8:00AM
Business Wire
American International Group, Inc. (NYSE:AIG) today announced
that on December 31, 2016 it successfully completed the sale of
United Guaranty Corporation (UGC) to Arch Capital Group Limited
(NASDAQ:ACGL). The deal was originally announced in August
2016.
“We are pleased to complete the sale of UGC,” said Peter D.
Hancock, President and Chief Executive Officer of AIG. “With this
transaction, AIG has taken another step in simplifying our
organization to become a leaner, more focused insurance company
committed to our vision of being our clients’ most valued insurer.
We believe UGC and the outstanding professionals who work there
have gained a strong partner in Arch to continue to grow and
facilitate home ownership for consumers and provide valuable and
necessary protection to mortgage lenders.”
UGC is the leading private mortgage insurance company in the
United States with $186.4 billion of first-lien primary mortgage
insurance in force as of September 30, 2016. UGC has active
relationships with nearly 1,700 customers and approximately 1,000
employees including a national sales force of approximately 100
professionals. UGC is headquartered in Greensboro, North
Carolina.
American International Group, Inc. (AIG) is a leading global
insurance organization. Founded in 1919, today AIG member companies
provide a wide range of property casualty insurance, life
insurance, retirement products, mortgage insurance and other
financial services to customers in more than 100 countries and
jurisdictions. These diverse offerings include products and
services that help businesses and individuals protect their assets,
manage risks and provide for retirement security. AIG common stock
is listed on the New York Stock Exchange and the Tokyo Stock
Exchange.
Additional information about AIG can be found at www.aig.com and
www.aig.com/strategyupdate | YouTube: www.youtube.com/aig |
Twitter: @AIGinsurance | LinkedIn:
http://www.linkedin.com/company/aig. These references with
additional information about AIG have been provided as a
convenience, and the information contained on such websites is not
incorporated by reference into this press release.
AIG is the marketing name for the worldwide property-casualty,
life and retirement, and general insurance operations of American
International Group, Inc. For additional information, please visit
our website at www.aig.com. All products and services are written
or provided by subsidiaries or affiliates of American International
Group, Inc. Products or services may not be available in all
countries, and coverage is subject to actual policy language.
Non-insurance products and services may be provided by independent
third parties. Certain property-casualty coverages may be provided
by a surplus lines insurer. Surplus lines insurers do not generally
participate in state guaranty funds, and insureds are therefore not
protected by such funds.
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version on businesswire.com: http://www.businesswire.com/news/home/20170103005625/en/
AIGMedia:Matt Gallagher,
212-458-3247matthew.gallagher2@aig.comorInvestors:Liz Werner,
212-770-7074elizabeth.werner@aig.com
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