AIG life has agreed to acquire Ellipse, a specialist provider of group life risk protection in the UK, from Munich Re.
Ellipse’s group protection capabilities, which include life, critical illness and income protection products, along with its technology-enabled business model with high levels of straight through processing, will position AIG Life to efficiently manage group risk schemes for companies of all sizes.
Kevin Hogan, executive vice president and CEO AIG Life & Retirement, said, “The acquisition of Ellipse reflects our disciplined approach to selectively expanding our existing life & retirement businesses while pursuing opportunistic growth. Ellipse brings a strong team with a scalable business platform to our well-positioned, technology-driven UK life business. We look forward to welcoming the Ellipse team to AIG.”
Lee Lovett, CEO of Ellipse, added, “I would like to thank Munich Re for supporting the development and growth of Ellipse over the last 9 years. We now look forward to the next exciting chapter of our growth story with our new owner, AIG Life.”