The rebrand follows AIG’s market announcement on July 15 that it is accelerating the separation of Alico as an independent entity through an initial public offering and public listing in New York, depending on market conditions and regulatory approval.
The group is still considering other options for the business but an IPO is the most likely subject to market conditions and flotations.
A spokeswoman for AIG Life UK says it makes sense for all the brands to come under one umbrella as the business won’t be related to AIG once the IPO has completed.
Advisers of AIG Life UK will receive communication today informing them of the rebrand and will be contacted verbally next week to talk through the transition.
Insurer Alico was first founded in 1921 and has 19m customers worldwide across 54 countries. It first registered in the UK in 1928 with AIG Life UK operating as the UK branch.
AIG Life UK says the move is positive as it will increase certainty around the business.
A spokeswoman for the group says the rebranding would not apply to AIG Life’s protective recovery fund at this time. She says: “At this stage it doesn’t make sense to rebrand the fund as it’s not open to new investment.”