Though the terms of the transaction were not then disclosed, AIG and Stone Point jointly announced plans to form Private Client Select as early as February this year, aligned with AIG’s decision to move its private client group business to a new and independent platform. The companies finalized their agreement last April.

“… AIG has been exploring structures that, over time, will allow [its private client group] to be supported by third-party capital providers…,” AIG chair and CEO Peter Zaffino said when the agreement was first announced. “By partnering with a world-class private equity firm like Stone Point, we can maximize the strengths of this business and improve product offerings to better serve the high and ultra high net worth markets.”

Stone Point is an investment and asset management firm based in Greenwich, Connecticut with over $45 billion of assets under management. It specializes in investing in global financial services companies and businesses from related sectors. Stone Point also invests in a number of alternative asset classes through its flagship Trident Funds and provides dedicated financing solutions to its portfolio companies and clients through its advising arm, Stone Point Capital Markets.

“We are excited to be entering this partnership and look forward to building a top performing MGA committed to excellence in the attractive high and ultra high net worth markets,” said Stone Point president Jim Carey in a previous statement. “I am confident that Stone Point’s experience in the insurance industry, coupled with AIG’s risk management expertise and product knowledge, will create significant value for all stakeholders.”