Consumers will soon have a wider choice of life insurance products after one of America’s leading companies strengthened its presence in the UK.
The American International Group (AIG) has completed its acquisition of Ageas Protect, one of the country’s most trusted providers of life insurance, critical illness cover and income protection.
The takeover means that when you compare life insurance you will have an additional high quality option to consider. Keep reading to find out more.
AIG aims to be leading choice when you compare life insurance
Ageas Protect has long been regarded as one of the most innovative and trusted providers of income, critical illness and life insurance in the UK. The company has over 350,000 customers in the UK, Channel Islands and Isle of Man and these people will see their cover rebranded to AIG at the end of March 2015.
For new customers it means that when you undertake a life insurance comparison you may see a new name amongst your insurance choices. While they may be a huge presence in the international insurance market, AIG have been operating in this country for over 50 years and is well known for its expertise in marketing, underwriting and distribution.
The American company already offers personal accident, health and travel insurance in this country. AIG also offers tailored insurance solutions for high net worth clients through its AIG Private Client Group.
Kevin Hogan, AIG Chief Executive Officer of Consumer Insurance said: “We are excited by this opportunity to strengthen AIG’s presence in the UK life protection market and look forward to working with the management, employees and distributors who have done such a great job in growing Ageas Protect into a leading market presence in such a short time.”
Ageas Protect has built up a sound reputation for high quality service and product innovation and now helps over a third of a million people in the UK. AIG wants to build on the high quality products and service already offered by Ageas and to strengthen its presence in the UK.
“The acquisition of Ageas Protect helps drive the continued expansion of AIG’s consumer portfolio of insurance solutions designed to meet consumer needs for financial and retirement security. By building on shared values such as product innovation and service excellence, we will ensure that AIG becomes the most valued insurer to even more consumers in the UK and everywhere we do business.”
How the AIG rebrand will affect you
Existing Ageas Protect customers will be receiving a letter in the next few weeks explaining the changes. The reference on direct debit payments will change to ‘AIG Life’ and the name and branding on any correspondence will also gradually change to AIG over the next few months.
AIG stress that customers do not have to do anything and that their policies or coverage will not be altered by this rebrand.
New customers looking to compare life insurance may see the Ageas Protect name disappear from a life insurance comparison. Instead, they may see the AIG option which will offer the same high level of coverage and service as the previous Ageas products.