American International Group Inc. said one of its wholly owned subsidiaries has purchased the U.S. ocean marine business from Arch Insurance Company, a division of Bermuda-based Arch Capital Group, Ltd. Transaction terms were not disclosed.
AIG, in New York, said that under terms of the agreement, effective immediately the U.S. ocean marine insurance business underwritten by Arch will be serviced by AIG Global Marine, a division of AIG.
"We look forward to the addition of the Arch U.S. marine portfolio to our client base, and to offering those clients the financial strength, worldwide network, superior claims and loss control, and the wide range of products and services that distinguish AIG Global Marine as a market leader," said Richard Decker, president, AIG Global Marine.
According to National Underwriter's Highline Data Service, in 2005 direct written premium, AIG was ranked number one, writing $462 million in premium. Arch was ranked 17th with $38.7 million and 1 percent of the market.
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