AIG closes Stone Point Capital deal

American International Group has announced that its definitive agreement with funds managed by Stone Point Capital has closed.

The deal was to create an independent managing general agency (MGA) specialising in the high net worth and ultra high net worth markets called Private Client Select Insurance Services (PCS).

AIG said that the agreement has now has successfully closed.

AIG and Stone Point’s plans to form PCS and move AIG’s Private Client Group (PCG) business to this new independent platform were first announced in February 2023.