AIG and Stone Point close deal on high-net-worth specialist MGA

American International Group (AIG) has successfully closed its deal with funds managed by Stone Point Capital to form an independent managing general agency called Private Client Select Insurance Services, which will specialize in high net value and highest net worth markets and will begin operations in the third quarter of 2023.

Although the terms of the transaction have not been disclosed, AIG and Stone Point jointly announced plans to form Private Client Select in February of this year, in line with AIG’s decision to move its private client group business to a new and independent platform. The companies ended their agreement in April.

Stone Point is an investment and asset management firm based in Greenwich, Connecticut with over $45 billion in assets under management. It specializes in investing in global financial services companies and businesses from related sectors. Stone Point also invests in a number of alternative asset classes through its flagship Trident Funds and provides dedicated financial solutions to its portfolio companies and clients through its advisory arm, Stone Point Capital Markets.

“We are excited to enter into this partnership and look forward to building a top performing MGA committed to excellence in the attractive high and ultra high net worth markets,” said Stone Point president Jim Carey in previous statement. “I am confident that Stone Point’s experience in the insurance industry, combined with AIG’s risk management expertise and product knowledge, will create significant value for all stakeholders.”