The New York-listed insurer has put its name behind an event for the UK's classic car enthusiasts.

American International Group is sponsoring the 2016 Concours of Elegance at Windsor Castle.

The event, which takes place from 2-4 September, will bring together 60 of the rarest cars from around the world – many of which have never been seen before in the UK.

Many of the 60 invited exhibitors at Windsor Castle are insured by AIG, as are two of the past three Concours of Elegance UK Best in Show winners. Anthony Baldwin, chief executive of AIG Europe and AIG UK, will be one of the judges at this year’s event.

“The Concours showcases some of the finest and most prestigious cars in the world as well as the passion of those who collect them. We are proud to partner with this event and proud to offer classic car collectors a service that safeguards their prized possessions,” said Kate Wells, head of AIG’s UK private client group.

So-called investments of passion such as classic cars have been heralded by some as a portfolio diversification tool, especially at times of market volatility. According to the Knight Frank Luxury Investment index, classic cars saw returns over the five and 10 years to 31 March 2016 of 161 per cent and 467 per cent respectively.

AIG, founded in 1919, provides a range of property casualty insurance, life insurance, retirement products, mortgage insurance and other financial services to customers worldwide. 

The group's classic car coverage offers clients an agreed valuation that does not depreciate, the choice of a preferred repairer as well as consultation and risk assessment services regarding storage and transportation to help protect the assets.