Insurance organisation AIG Life has completed the acquisition of Ellipse, a specialist group life, critical illness and income protection provider in the UK, following the receipt of required regulatory approval.
The terms of the purchase, from German reinsurance organisation Munich Re, have not been disclosed.
AIG Life now intends to distribute both group and individual protection insurance products to UK consumers through financial intermediaries, employee benefits consultants and partnerships.
Adam Winslow (pictured), chief executive, international, at AIG Life and Retirement, said: “I am delighted we have completed the acquisition of Ellipse, and I look forward to working together with our new colleagues to build a stronger combined presence in the UK individual and group risk protection markets.”