Two American International Group units — Chartis U.S. Accident and Health, and American General Life Companies — are planning to merge their group benefits businesses into a single, unified organization. The consolidated unit will market insurance and benefits products for employees, employers and affinity groups.
The new organization will be named AIG Benefit Solutions. It will be composed of Chartis Corporate Benefits and American General Benefit Solutions, a unit which includes employee benefit solutions and affinity benefit solutions. AIG Benefit Solutions will be led by industry veteran Curtis Olson, who joined American General Benefit Solutions in June 2011 as CEO. The new organization will be based out of Neptune, N.J.
Olson had previously been CEO of the ING life insurance unit in Korea. Prior to that assignment, he served for several years as president of the ING employee benefits unit in the U.S., which is the ninth largest U.S. group insurance carrier with $1.3 billion premium income, 750 employees and 3,500 corporate group and voluntary customers.
“Through this joint venture, we will not only create a new and stronger benefits division, we are positioned to become a major player in the benefits market,” Olson said.
AIG Benefit Solutions will offer a portfolio of nearly two dozen insurance products and programs, many available on both employer-funded and voluntary, employee-paid platforms. It will also offer resources for underwriting, enrollment and plan administration.
Products and services will be offered through two segments: U.S. employee benefits, which will offer group and individual employee benefits, including many voluntary/worksite products; and U.S. affinity benefits, which will offer products and services to affinity groups.
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