AIG finalises Validus purchase

American International Group (AIG) has completed its acquisition of Validus Holdings.

The transaction, which was first announced on January 22, 2018, closed after the company received regulatory approvals as well as the approval of Validus shareholders.

In a statement AIG said that Validus adds attractive and diversified franchises to the company, including Validus Re, a leading reinsurance platform; AlphaCat, an insurance-linked securities asset manager; Talbot, a Lloyd's syndicate; Western World, a specialist in US small commercial excess and surplus underwriting; and Crop Risk Services, which provides access to the North American crop insurance market.

“We are very pleased to welcome Validus to AIG,” said Brian Duperreault, president and chief executive officer (CEO) of AIG. “Validus’ experienced team and complementary businesses will help us deliver sustainable, profitable growth as we continue to build value for our shareholders.”

Peter Zaffino, AIG's CEO, general insurance, said, “We look forward to working with the Validus team on the expanded capabilities and value we can deliver to our clients and broker partners. The Validus businesses will be immediately accretive to our performance in General Insurance now that they are officially part of AIG.”