American International Group Inc (AIG.N) said on Thursday it had received final UK approval to split its London-based European insurance business into two new entities in preparation for Britain’s exit from the European Union.
The High Court of England & Wales approved AIG’s restructuring plan, announced in April this year, paving the way for AIG Europe to transfer its existing insurance business to UK and Luxembourg units.
AIG Europe SA will have 21 branches across the European Economic Area and Switzerland. The new AIG companies will begin writing business from Dec. 1.
Source : Reuters