Life insurer will seek public listing in New York
AIG today announced it will accelerate steps to position American Life Insurance Company (Alico) as an independent entity and seek an initial public offering and public listing in New York, depending on market conditions and subject to regulatory approval. This planned public offering of Alico is a significant step in the process that was announced by AIG on March 2 and will result in a board of directors and management team for Alico separate from AIG.
“We continue to consider all strategic options through a robust, structured and disciplined process. At this stage, we expect that a public offering for Alico will be beneficial to all stakeholders, including U.S. taxpayers, policyholders, employees and distribution partners,” said Ed Liddy, chairman and CEO of AIG.
Rodney Martin, chairman and CEO of Alico said: “Today’s announcement represents a roadmap for our independence. “Our ability to weather current economic conditions across all of our markets demonstrates the strength of our operations, diversification of our platform, confidence of our customers and support of our distribution partners.” Alico is a leading global insurer operating in 54 countries with 19m customers, over 40,000 agents and distribution partners and assets under management of more than $89bn.