American International Group, Inc. (AIG) has announced that its life and retirement business AIG Life and Retirement has acquired Woodbury Financial Services, Inc. from The Hartford.
A definitive agreement for the acquisition was signed on 31 July 2012, and the deal means that Woodbury Financial Services now forms part of AIG Life and Retirement’s Advisor Group.
Woodbury brings 1,400 advisors and $25bn in assets under management to the Advisor Group, which now has a total of more than 6,000 independent financial advisors and over $125bn in assets under management.
President and Chief Executive Officer of AIG Life and Retirement Jay Wintrob said that the Group was strengthened by the addition of Woodbury Financial and its complementary business model.
Wintrob went on to describe Woodbury as an important acquisition as it reaffirmed AIG’s commitment to the independent financial advisor community and independent broker-dealer space.
Category: Insurance News