AIG Announces Exclusive Distribution Relationship with HSBC in Turkey and
LONDON -- January 28, 2013
American International Group, Inc. (NYSE: AIG) today announced that it has
entered into 10-year bancassurance agreements with HSBC Group companies under
which AIG will become the exclusive provider of non-life insurance products to
HSBC Group customers in Turkey and France, as well as in other countries in
Continental Europe as may be agreed. AIG expects to pay a total consideration
of approximately US$55 million for the exclusive distribution access in Turkey
and France, and expects to launch the partnerships in the first half of 2013.
Turkey represents one of AIG’s strategic business expansion countries. The
distribution arrangement will allow for the significant advancement of this
strategy through a bancassurance relationship providing enhanced access into
the country’s consumer and commercial SME non-life insurance lines.
Dan Doherty, President of Consumer Insurance for AIG’s EMEA region, said, “We
are pleased that this long-term collaboration will allow us to expand our
existing distribution arrangement and operations platforms with HSBC in
Turkey, while offering the opportunity to develop new capabilities over the
life of the relationship. We are particularly excited about our increased
access to offer Accident & Health products to this key market.”
The relationship also includes the acquisition of HSBC’s French non-life
subsidiary, HSBC Assurances IARD (HAI), for total consideration of US$14.5
million, consisting of a completion purchase price of US$13.3 million and a
contingent deferred payment of up to US$1.2 million based upon written
premiums in 2013.
Mr. Doherty continued: “Our strategic partnership with HSBC in France will
allow us to deliver value added insurance solutions to HSBC’s customer base.
We are delighted with the enhanced capacity to further the growth of our core
consumer platform in France.”
The partnership is conditional upon the parties agreeing country-specific
agreements in France and Turkey and the completion of the HAI acquisition is
conditional on receipt of customary regulatory approvals.
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.
Additional information about AIG can be found at www.aig.com | YouTube:
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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.
Products and services are written or provided by subsidiaries or affiliates of
American International Group, Inc. (AIG). Not all products and services are
available in every jurisdiction, and insurance coverage is governed by actual
policy language. Certain products and services may be provided by independent
third parties under contract with AIG or its subsidiaries or affiliates.
Insurance products may be distributed through affiliated or unaffiliated
entities. In Europe, the principal insurance provider is AIG Europe Limited.
American International Group, Inc.
Marie Ali, +44 (0) 20 7651 6396
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