AIG Acquires UK Group Risk Insurer Ellipse
American International Group (AIG) in December 2018 announced that it has completed the acquisition of Ellipse, a specialist group life, critical illness and income protection carrier in the UK, from Munich Re.
Ellipse CEO Lee Lovett reports to Adam Winslow, CEO, International at AIG Life & Retirement.
AIG expects Ellipse’s expertise in group protection and its technology to significantly enhance existing AIG Life operations. AIG Life will now distribute both group and individual protection insurance products to UK clients through financial intermediaries, employee benefits consultants, and partnerships.
The transaction, the terms of which were not disclosed, was made through AIG Life Limited, a UK subsidiary of AIG Life & Retirement. Ellipse now operates as a “trading style” (a commercial brand) of that company. Its website is available here.
Despite the similarity in names, UK-based Ellipse is not to be confused with Swiss Re subsidiary elipsLife. ElipsLife also is a carrier of group risk products but it operates in Germany, Switzerland, the Netherland, Italy, and Ireland. The company is based in Liechtenstein, a small country nestled between Switzerland and Austria. As a member of the European Economic Area, it is able to distribute its products in the European Union.