The $5.56bn transaction was first announced in January

American International Group (AIG) has completed its acquisition of Validus Holdings, following receipt of regulatory approvals and approval of Validus shareholders.

aig

AIG said that as part of the company Validus will provide attractive and diversified franchises.

This includes Validus Re, a reinsurance platform; AlphaCat, an insurance-linked securities asset manager; Talbot, a Lloyd’s syndicate; Western World, a specialist in U.S. small commercial excess and surplus underwriting; and Crop Risk Services, which provides access to the North American crop insurance market.

Brian Duperreault, President and Chief Executive Officer of AIG, said: “We are very pleased to welcome Validus to AIG.

“Validus’ experienced team and complementary businesses will help us deliver sustainable, profitable growth as we continue to build value for our shareholders.”

Peter Zaffino, AIG’s Chief Executive Officer, General Insurance, said: “We look forward to working with the Validus team on the expanded capabilities and value we can deliver to our clients and broker partners.”

“The Validus businesses will be immediately accretive to our performance in General Insurance now that they are officially part of AIG.”