AIG to acquire Glatfelter Insurance Group

The latest acquisition in the insurance industry is expected to close before the end of the year.

The transaction is expected to close in the fourth quarter of 2018. (Photo: AIG)

The race to conclude mergers and acquisitions before the end of 2018 continues. In the fifth major insurance industry deal announced this week, AIG revealed today that it has entered into a definitive agreement to acquire Glatfelter Insurance Group, a York, Pa.-based broker and insurance company providing services for specialty programs and retail operations. The terms of the transaction were not disclosed.

Founded in 1951, Glatfelter currently employs 3,000 brokers serving approximately 30,000 insureds in the U.S. and Canada.

Continuing relationship

Tony Campisi, chief executive officer of Glatfelter Insurance Group said the company has been doing program business with AIG for 40 years and has developed “a very special relationship based on mutual trust and a strong underwriting culture.”

Upon closing, Tony Campisi will report directly to David McElroy, the incoming chief executive officer of AIG General Insurance’s Lexington business.

The transaction is expected to close in the fourth quarter of 2018, subject to the customary closing conditions, including regulatory approvals and clearances in relevant jurisdictions.

Related: 

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