AIG outlines strategic partnerships with BlackRock
American International Group (AIG) has announced strategic partnerships with BlackRock in which certain fixed-income and private-placement assets will be managed by BlackRock.
Under the arrangements, BlackRock will manage up to US$60bn of the global AIG investment portfolio and up to US$90bn of the Life & Retirement investment portfolio. Additionally, BlackRock’s Aladdin platform will provide investment management technology for both AIG and Life & Retirement.
"BlackRock is honoured to have been selected to serve AIG as a strategic partner. We look forward to leveraging our investment expertise, scale, and technology capabilities for the benefit of all of AIG’s stakeholders," said Rob Kapito, President, BlackRock. "I have enormous respect and admiration for AIG, and I am confident in the long-term value BlackRock will deliver as we embark on this journey together."
Leveraging expertise and technology capabilities
AIG is a leading global insurance organisation. 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. These offerings include products and services that help businesses and individuals protect their assets, manage risks and provide for retirement security.
"Partnering with an asset manager like BlackRock represents a continuation of our strategy to work with world class organisations as we deliver on excellence at AIG," said Peter Zaffino, Chairman & Chief Executive Officer, AIG. "BlackRock has an outstanding performance track record and world class risk analytics through its Aladdin platform. BlackRock’s global scale makes this a significant long-term value creation opportunity for our stakeholders. This is another important milestone as our momentum continues toward the separation of our Life & Retirement business and future state of AIG."
Mr. Zaffino added: "For Life & Retirement, the partnership with BlackRock creates both strategic and operating flexibility as we reposition asset management and prepare the business to be a standalone company."
The arrangements with BlackRock will be implemented in phases across AIG’s global operations, subject to customary onboarding and implementation requirements and any required regulatory approvals.
