October 25, 2018 / 5:30 PM / a month ago

AIG receives UK approval for Brexit restructure

American International Group Inc. (AIG) headquarters seen on the day of the companyÕs 2017 annual shareholder meeting at 175 Water Street, New York, U.S., June 28, 2017. REUTERS/Suzanne Barlyn

(Reuters) - American International Group Inc (AIG.N) said on Thursday it had received final UK approval to split its London-based European insurance business into two new entities in preparation for Britain’s exit from the European Union.

The High Court of England & Wales approved AIG’s restructuring plan, announced in April this year, paving the way for AIG Europe to transfer its existing insurance business to UK and Luxembourg units.

AIG Europe SA will have 21 branches across the European Economic Area and Switzerland.

The new AIG companies will begin writing business from Dec. 1.

Reporting By Aparajita Saxena in Bengaluru; Editing by Anil D'Silva

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