On February 13, American International Group (AIG) announced that it entered into a binding memorandum of understanding with Willkie client Stone Point Capital LLC, a leading private equity firm focused on investing in businesses within the global financial services industry, to form an independent Managing General Agency to serve High Net Worth and Ultra High Net Worth markets.

AIG’s Private Client Group business will move to this new independent platform and be rebranded as Private Client Select Insurance Services.

Completion of the proposed transaction between AIG and Stone Point is subject to negotiation of definitive agreements, obtaining required permits and regulatory approvals.

AIG is a leading global insurance organization. AIG member companies provide a wide range of property casualty insurance, life insurance, retirement solutions and other financial services to customers in approximately 70 countries and jurisdictions.

Stone Point is an investment firm based in Greenwich, CT, with over $45 billion of assets under management. Stone Point targets investments in companies in the global financial services industry and related sectors.

The Willkie team was led by partners Steven Seidman and Sean Ewen.