American International Group, Inc. (NYSE: AIG) today announced that its
life and retirement business, AIG Life and Retirement, acquired Woodbury
Financial Services, Inc. from The Hartford. The companies signed a
definitive agreement for the acquisition on July 31, 2012.
Woodbury Financial Services is now part of AIG Life and Retirement's
Advisor Group, one of the nation's largest networks of independent
broker-dealers. Woodbury Financial brings approximately 1,400 advisors
and $25 billion in assets under management to the Advisor Group's
network, which includes FSC Securities Corporation, Royal Alliance
Associates and SagePoint Financial. With the addition of Woodbury
Financial, Advisor Group consists of over 6,000 independent financial
advisors, more than 800 home office employees and over $125 billion in
assets under management.
"Advisor Group, already a leader among independent broker-dealer
organizations, is strengthened by the addition of Woodbury Financial,
with its complementary business model," said Jay Wintrob, President and
Chief Executive Officer of AIG Life and Retirement. "Woodbury Financial
is an important acquisition for us and affirms our long-term commitment
to the independent broker-dealer space and to the independent financial
"Our advisors are very excited to be part of Advisor Group," said
Patrick McEvoy, President and Chief Executive Officer of Woodbury
Financial. "From the hands-on service to industry-leading technology to
unique opportunities for growth, I'm confident our advisors will benefit
greatly from our affiliation."
Larry Roth, President and Chief Executive Officer of Advisor Group,
highlighted growth across the network, stating, "We are delighted to add
Woodbury Financial to our organization and are confident that we will
grow the firm by highlighting Woodbury's unique value proposition to
high quality advisors. Each of our broker-dealers has recruited a number
of advisors this year and we remain eager to bring more talent to
Located in Oakdale, MN, Woodbury Financial Services has more than 200
home office employees and nearly 1,400 independent representatives
throughout the United States. The roots of Woodbury Financial date back
to 1910, with Montana Life.
This press release contains "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995. These
forward-looking statements are not historical facts but instead
represent only AIG's belief regarding future events, many of which, by
their nature, are inherently uncertain and outside AIG's control. Except
for AIG's ongoing obligation to disclose material information as
required by federal securities laws, AIG is not under any obligation
(and expressly disclaims any obligation) to update or alter any
projections, goals, assumptions, or other statements, whether written or
oral, that may be made from time to time, whether as a result of new
information, future events or otherwise. Factors that could cause these
forward-looking statements to differ, possibly materially, from that
currently contemplated included the factors set forth in AIG's filings
with the United States Securities and Exchange Commission.
American International Group, Inc. (AIG) is a leading international
insurance organization serving customers in more than 130 countries and
jurisdictions. AIG companies serve commercial, institutional, and
individual customers through one of the most extensive worldwide
property-casualty networks of any insurer. In addition, AIG companies
are leading providers of life insurance and retirement services in the
United States. AIG common stock is listed on the New York Stock Exchange
and the Tokyo Stock Exchange.
AIG is the marketing name for the worldwide property-casualty, life and
retirement, and general insurance operations of American International
Group, Inc. For additional information, please visit our website at www.aig.com.
All products and services are written or provided by subsidiaries or
affiliates of American International Group, Inc. Products or services
may not be available in all jurisdictions, and coverage is subject to
actual policy language. Non-insurance products and services may be
provided by independent third parties. Certain property-casualty
coverages may be provided by a surplus lines insurer. Surplus lines
insurers do not generally participate in state guaranty funds, and
insureds are therefore not protected by such funds.
American International Group, Inc.
Linda Malamut, 310-772-6533