AIG plans to acquire Glatfelter Insurance Group, according to a September 21 announcement. Terms of the transaction were not disclosed. AIG panel counsel members, as well as Glatfelter panel members, will want to monitor this closely.
Once the transaction closes later this year, Glatfelter CEO Tony Campisi is expected to report to David McElroy, the incoming CEO of AIG General Insurance’s Lexington surplus lines company.
According to an AIG news release, Mr. McElroy will report to Peter Zaffino, Chief Executive Officer, General Insurance at AIG. Mr. McElroy will serve as a member of the General Insurance Executive Leadership Team and will oversee all aspects of Lexington’s business, the largest excess and surplus (E&S) underwriter in the United States.
This acquisition follows closely on the heels of AIG’s acquisition of Validus, which brought Western World, Talbot, and Risk Crop Services into the AIG fold.
About Glatfelter Insurance Group
Glatfelter Insurance Group is one of the largest privately-owned insurance brokers in the U.S. It is an all lines, full service insurance broker that markets property, casualty, life, accident and health insurance products and risk management services on both a retail and wholesale / specialty basis throughout the country.
An employee-owned company, Glatfelter Insurance Group has more than 500 associates who serve the insurance needs of more than 30,000 clients in all 50 states and Canada, placing them among the top 25 privately owned insurance brokers in the United States.
Glatfelter Insurance Group offers specialty programs for emergency service organizations, home healthcare agencies, senior living organizations, religious organizations, car wash businesses, municipalities, K-12 public and private schools, independent school bus contractors and water-related entities.
Glatfelter specialty insurance programs are described as:
- VFIS: offers tailored property and casualty coverage, benefits programs and Length of Service Awards Programs for first responders and emergency service organizations;
- Glatfelter Public Practice: community-minded insurance for public entities, including water entities, municipalities and educational institutions and offering property and liability insurance coverage. Customized coverage for the municipal sector, including cities, towns, townships, boroughs, and villages with a population up to 75,000. Other special purpose entities, such as park or recreation commissions, library boards, parking authorities, special service districts (non electrical), and redevelopment agencies, also qualify for the program;
- Glatfelter Religious Practice: offers insurance coverage tailored to the risks and exposures faced by churches, synagogues, temples, mosques and other religious organizations;
- Glatfelter Healthcare Practice: insurance coverage is tailored to the risks and exposure of hospices, assisted living and senior living facilities and, home healthcare providers;
- Glatfelter Commercial Ambulance: dedicated to serving the unique insurance and safety needs of commercial ambulance services in Illinois, Kentucky, Maryland, New Jersey, New York, Ohio, Pennsylvania and Texas); and
- Glatfelter Specialty Benefits: provides a wide array of plans to address group-sponsored activities or events. These plans offer a range of benefits including: accidental death and dismemberment, medical and disability.
The Glatfelter panel counsel program does use the services of outside defense counsel for claims management in the areas where they conduct business.
American International Group, Inc. (AIG) is a leading global insurance organization. Founded in 1919, today AIG member companies provide a wide range of property casualty insurance, life insurance, retirement products, and other financial services to customers in more than 80 countries and jurisdictions.
What Does the Merger Mean for AIG Panel and Glatfelter Panel Counsel Members?
Law firms that have the good fortune to maintain positions on both the AIG panel counsel program and the Glatfelter panel probably don’t need to worry about much beyond monitoring what is likely to eventually result in a panel review process.
Members of the Glatfelter panel counsel program will want to stay alert to potential panel consolidation efforts. Insurance defense law firms that rely on the Glatfelter panel for a significant portion of their revenue may want to start thinking of launching a business development for purposes of diversification.
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