American International Group, Inc. 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 advisor community."
"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 Advisor Group."
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.