AIG Acquires Woodbury Financial Services from the Hartford
NEW YORK -- December 03, 2012
American International Group, Inc. (NYSE: AIG) today announced that its life
and retirement business, AIG Life and Retirement, acquired Woodbury Financial
Services, Inc. from The Hartford. The companies signed a definitive agreement
for the acquisition on July 31, 2012.
Woodbury Financial Services is now part of AIG Life and Retirement’s Advisor
Group, one of the nation’s largest networks of independent broker-dealers.
Woodbury Financial brings approximately 1,400 advisors and $25 billion in
assets under management to the Advisor Group’s network, which includes FSC
Securities Corporation, Royal Alliance Associates and SagePoint Financial.
With the addition of Woodbury Financial, Advisor Group consists of over 6,000
independent financial advisors, more than 800 home office employees and over
$125 billion in assets under management.
“Advisor Group, already a leader among independent broker-dealer
organizations, is strengthened by the addition of Woodbury Financial, with its
complementary business model,” said Jay Wintrob, President and Chief Executive
Officer of AIG Life and Retirement. “Woodbury Financial is an important
acquisition for us and affirms our long-term commitment to the independent
broker-dealer space and to the independent financial advisor community.”
“Our advisors are very excited to be part of Advisor Group,” said Patrick
McEvoy, President and Chief Executive Officer of Woodbury Financial. “From the
hands-on service to industry-leading technology to unique opportunities for
growth, I’m confident our advisors will benefit greatly from our affiliation.”
Larry Roth, President and Chief Executive Officer of Advisor Group,
highlighted growth across the network, stating, “We are delighted to add
Woodbury Financial to our organization and are confident that we will grow the
firm by highlighting Woodbury’s unique value proposition to high quality
advisors. Each of our broker-dealers has recruited a number of advisors this
year and we remain eager to bring more talent to Advisor Group.”
Located in Oakdale, MN, Woodbury Financial Services has more than 200 home
office employees and nearly 1,400 independent representatives throughout the
United States. The roots of Woodbury Financial date back to 1910, with Montana
This press release contains “forward-looking statements” within the meaning of
the Private Securities Litigation Reform Act of 1995. These forward-looking
statements are not historical facts but instead represent only AIG’s belief
regarding future events, many of which, by their nature, are inherently
uncertain and outside AIG’s control. Except for AIG’s ongoing obligation to
disclose material information as required by federal securities laws, AIG is
not under any obligation (and expressly disclaims any obligation) to update or
alter any projections, goals, assumptions, or other statements, whether
written or oral, that may be made from time to time, whether as a result of
new information, future events or otherwise. Factors that could cause these
forward-looking statements to differ, possibly materially, from that currently
contemplated included the factors set forth in AIG’s filings with the United
States Securities and Exchange Commission.
American International Group, Inc. (AIG) is a leading international insurance
organization serving customers in more than 130 countries and jurisdictions.
AIG companies serve commercial, institutional, and individual customers
through one of the most extensive worldwide property-casualty networks of any
insurer. In addition, AIG companies are leading providers of life insurance
and retirement services in the United States. AIG common stock is listed on
the New York Stock Exchange and the Tokyo Stock Exchange.
AIG is the marketing name for the worldwide property-casualty, life and
retirement, and general insurance operations of American International Group,
Inc. For additional information, please visit our website at www.aig.com. All
products and services are written or provided by subsidiaries or affiliates of
American International Group, Inc. Products or services may not be available
in all jurisdictions, and coverage is subject to actual policy language.
Non-insurance products and services may be provided by independent third
parties. Certain property-casualty coverages may be provided by a surplus
lines insurer. Surplus lines insurers do not generally participate in state
guaranty funds, and insureds are therefore not protected by such funds.
American International Group, Inc.
Jim Ankner, 917-882-7677
Linda Malamut, 310-772-6533
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