This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

AIG Announces Exclusive Distribution Relationship With HSBC In Turkey And France

American International Group, Inc. (NYSE: AIG) today announced that it has entered into 10-year bancassurance agreements with HSBC Group companies under which AIG will become the exclusive provider of non-life insurance products to HSBC Group customers in Turkey and France, as well as in other countries in Continental Europe as may be agreed. AIG expects to pay a total consideration of approximately US$55 million for the exclusive distribution access in Turkey and France, and expects to launch the partnerships in the first half of 2013.

Turkey represents one of AIG’s strategic business expansion countries. The distribution arrangement will allow for the significant advancement of this strategy through a bancassurance relationship providing enhanced access into the country’s consumer and commercial SME non-life insurance lines.

Dan Doherty, President of Consumer Insurance for AIG’s EMEA region, said, “We are pleased that this long-term collaboration will allow us to expand our existing distribution arrangement and operations platforms with HSBC in Turkey, while offering the opportunity to develop new capabilities over the life of the relationship. We are particularly excited about our increased access to offer Accident & Health products to this key market.”

The relationship also includes the acquisition of HSBC’s French non-life subsidiary, HSBC Assurances IARD (HAI), for total consideration of US$14.5 million, consisting of a completion purchase price of US$13.3 million and a contingent deferred payment of up to US$1.2 million based upon written premiums in 2013.

Mr. Doherty continued: “Our strategic partnership with HSBC in France will allow us to deliver value added insurance solutions to HSBC’s customer base. We are delighted with the enhanced capacity to further the growth of our core consumer platform in France.”

The partnership is conditional upon the parties agreeing country-specific agreements in France and Turkey and the completion of the HAI acquisition is conditional on receipt of customary regulatory approvals.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 17,440.59 -127.94 -0.73%
S&P 500 2,067.64 -12.01 -0.58%
NASDAQ 5,039.7760 -48.8540 -0.96%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs