BALTIMORE — AEGON Direct Marketing Services, Inc. has signed an agreement to assume AIG American General's Financial Institution Solutions Credit Life business.
AIG American General's Financial Institution Solutions' unit is a writer of credit life and disability insurance in the U.S., with approximately $100 million in premium volume. The transaction is expected to close early in the first quarter of 2007, subject to normal closing requirements, including regulatory approval.
Upon completion of the transaction, ADMS will oversee the business and be responsible for all new business after the transaction date.
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The addition of the AIG American General credit life business, primarily made up of credit-related life and health products–insuring borrowers through consumer lenders and auto dealers nationally–complements existing ADMS products and distribution channels.
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