Private Client Group Insurance Announcement
Friday 20 August 2021
In late 2019, we commenced a review of AIG Australia’s personal lines portfolio which led to the sale of the mass-market home, contents and auto business in January 2020. As part of this review, we have made the decision to completely exit the homeowners segment with the sale of AIG Australia's Private Client Group business. As such, AIG Australia will cease offering our high net worth home, contents and yacht insurance products, which are currently underwritten by our Private Client Group team and separately through Mansions (part of the Steadfast Underwriting Agencies) as underwriting agent under a binder agreement.
AIG has entered into an agreement with Mansions, part of the Steadfast Underwriting Agencies, to offer alternative home and contents cover (subject to underwriting guidelines) with QBE for new and renewal business from 5 October 2021.
AIG has also entered into an agreement with Trident Underwriting, part of Steadfast Underwriting Agencies, to offer alternative yacht cover (subject to underwriting guidelines) for new and renewal business from 5 October 2021.
We have established a team to manage the transition and AIG Australia is committed to continuing to service policyholders through our broking partners on existing policies, including full policy and claims support.
Please see below for key dates and details for the transition:
New Business and Quotes – Private Client Group Home, Private Client Group Yacht & Mansions Binder
Any AIG Quotations are valid up to and including 11:59pm 4 October 2021. Any valid quotations requiring cover must be accepted prior to 11:59pm 4 October 2021 with the cover inception effective date commencing up to and including 11:59pm 4 October 2021 only.
New business cover instructions to AIG cannot be accepted after 11:59pm 4 October 2021.
For home and contents insurance, Mansions may be able to arrange alternative cover effective after 11:59pm 4 October 2021.
For Yacht insurance, Trident Underwriting may be able to arrange alternative cover effective 11:59pm 4 October 2021.
Renewals - Private Client Group Home, Private Client Group Yacht & Mansions Binder
For home and contents renewal business, Mansions will offer alternative cover (subject to underwriting guidelines) on policies with renewal dates from 5 October 2021 onwards.
For Yacht renewal business, Trident Underwriting will offer alternative cover (subject to underwriting guidelines) on policies with renewal dates from 5 October 2021 onwards.
The AIG Claims team will manage claims during the run-off period.
Should you have any questions concerning this announcement, we have assembled the following support teams to guide you through this transition:
- General enquiries regarding this change:
Branch General Managers
- Policy administration or underwriting enquiries:
- Claims transition enquiries for policies purchased pre-5 October 2021:
- Claims enquiries:
- Current AIG contact details remain in place (1300 121 251).
This sale now completes our exit of the personal home and auto insurance market in Australia and does not affect AIG Australia’s commercial lines or other personal insurance offerings.