AIG announces Brexit restructure approved by court
AIG announced that its European subsidiary, AIG Europe Limited has received approval from the High Court of England & Wales to transfer its business into two new entities: American International Group UK Limited and AIG Europe SA in preparation for the UK's exit from the European Union. This is the final UK approval needed to complete the restructuring of AIG's European operations and ensure AIG's readiness for Brexit. The two-entity structure enables AIG to continue to service all of its policyholders and business partners across the UK and Europe, and to guarantee contract certainty to all AEL policyholders, regardless of the future relationship between the UK and the EU. Both companies will start writing business and policyholders will transfer from AEL to the relevant new entity on 1 December 2018. AIG currently writes business in Europe from AEL, a single insurance company, based in the UK with branches across Europe. As part of the restructure, AIG will merge AEL into AESA. AIG UK will be based in London, UK, and will continue the business of AEL's existing UK operations. The UK is AIG's largest single operation in Europe. AESA will be headquartered in Luxembourg City, Luxembourg, with 21 branches across the EEA and Switzerland.