American International Group, Inc. (AIG: Quote) Monday said it will buy Ageas Protect Ltd. from the Belgium-based international insurer Ageas Group (AGESY.PK), for 181 million pounds or nearly $305 million. The acquisition is expected to close in the fourth quarter of 2014.
Ageas Protect is a provider of life protection products in the UK, offering term life, critical illness, and income protection coverage to consumers. Started in July 2008, currently it holds 4.8 percent share of new protection business across the UK market, and an 8.4 percent share of the important UK Independent Financial Advisor channel. In 2013, the company produced premiums of 91.8 million pounds.
Following the transaction, Ageas Protect will become part of AIG's Global Consumer business, which offers personal accident, health, and travel insurance coverage to consumers in the U.K.
by RTT Staff Writer
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