American International Group, Inc., has completed the acquisition of Ageas Protect Limited, a provider of term life, critical illness, and income protection coverage to consumers in the United Kingdom, Channel Islands, and Isle of Man.

In a statement, AIG said that it believed that the acquisition would enhance its consumer insurance business and strengthen its capabilities in the United Kingdom, where it already offers personal accident, health, and travel insurance coverage to consumers as well as customized insurance solutions for high net worth individuals through AIG private client group.

“We are excited by this opportunity to strengthen AIG's presence in the U.K. life protection market and look forward to working with the management, employees, and distributors who have done such a great job in growing Ageas Protect into a leading market presence in such a short time,” said Kevin Hogan, AIG's chief executive officer of consumer insurance. ”The acquisition of Ageas Protect helps drive the continued expansion of AIG's consumer portfolio of insurance solutions designed to meet consumer needs for financial and retirement security. By building on shared values such as product innovation and service excellence, we will ensure that AIG becomes the most valued insurer to even more consumers in the U.K. and everywhere we do business.”