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The major acquisition wheel keeps on turning – and this time it’s American International Group, Inc. (AIG) in the driving seat. The leading global insurer has today announced its acquisition of Glatfelter Insurance Group (Glatfelter), one of the largest privately-owned insurance brokers in the US with more than 500 associates serving 30,000 clients across the US and Canada. Terms of the transaction were not disclosed.
Glatfelter is headquartered in York, Pennsylvania, and is known for providing services for specialty programs and retail operations. According to an AIG announcement, the acquirer hopes to capitalize on Glatfelter’s high-quality program underwriting capabilities in AIG’s general insurance business.
“Glatfelter Insurance Group is an outstanding strategic fit with AIG, bringing high-quality specialty programs business capabilities, a demonstrated track record of strong underwriting results and proprietary program management technology to our General Insurance operations,” commented Brian Duperreault, president and chief executive officer (CEO) at AIG. “Glatfelter’s highly talented leadership team will strengthen our efforts to deliver long-term, profitable growth for AIG.”
AIG’s CEO of General Insurance, Peter Zaffino, has worked closely with Tony Campisi, CEO of Glatfelter for many years. Zaffino said he admires Glatfelter’s “differentiated value for clients, high client retention, collaborative culture and impressive in-house technical capabilities,” adding that he hopes the addition of Glatfelter will “accelerate the strong underwriting culture” at AIG General Insurance.
Campisi commented: “We’ve been doing program business with AIG for 40 years and have developed a very special relationship based on mutual trust and a strong underwriting culture. We consider the leadership at AIG to be among the most talented in the insurance industry and look forward to being an integral part of AIG’s commitment to expanding their presence in program business.”
Upon closing the deal, Campisi will report directly to David McElroy, the incoming CEO of AIG General Insurance’s Lexington business. The transaction is expected to close in the fourth quarter of 2018, subject to customary closing conditions and regulatory approvals.
