American International Group Inc. said it has acquired Ascot Underwriting Holdings Ltd., the managing agency of AIG's Lloyd's Syndicate 1414.

Ascot is approved by Lloyd's to underwrite general insurance business beginning with the 2001 year of account.

AIG previously held a 40 percent minority interest in Ascot, and this transaction involved an acceleration of its option to purchase the agency in 2012. Terms were not disclosed.

AIG Executive Vice President Nicholas C. Walsh said, "AIG's partnership with this underwriting syndicate at Lloyd's began in 2001 and has already exceeded expectations."

Mr. Walsh said the acquisition was accomplished because "it is an opportune time to accelerate our option to purchase the remaining shares of Ascot to expand AIG's presence in the important Lloyd's market."

Martin Reith, chief executive of Ascot Underwriting Limited, and talented associates who have managed the syndicate will continue in their respective roles, said Mr. Walsh.

Mr. Reith said, "We look forward to expanding our relationship with AIG, with whom we have been a partner since our founding.

"Ascot has achieved rapid growth to become one of the largest syndicates operating at Lloyd's of London, servicing customers throughout the world from our offices in London, Singapore, Spain and Houston, Texas. Our customers can look forward to comprehensive, high-quality service with the worldwide insurance resources that AIG brings to the table."

Special Reports /

AIG Buys A Lloyd's Syndicate

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