The European arm of global insurer American International Group has established a joint venture as part of its growth drive in the high net worth market.

AIG Europe has teamed up with Ascot Underwriting and other unnamed partners to serve the UK’s high net worth insurance market.

The venture, known as Azur Underwriting, will operate as AIG Europe’s managing general agent. It will manage distribution relationships, provide underwriting and claims expertise, and deliver risk mitigation services to AIG Europe’s HNW clients. 

As part of the deal, expected to close in the third quarter, key employees from AIG Europe’s private client group will join Azur. Kate Wells, head of the private client group, will lead the new team at Azur.

“The high net worth segment served by the private client group is a high priority growth area for AIG. This is a great opportunity for AIG Europe to increase access to the market and grow in the UK by leveraging the latest technology capabilities in underwriting and user experience to provide unique new value propositions for our brokers and clients,” said AIG Europe’s chief executive, Anthony Baldwin.

“Azur will be starting from a position of strength and scale, managing AIG Europe’s existing private client portfolio with an established team of experts.”

Terms of the deal were not disclosed.