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As stated on the AIG Direct Travel web site:

Argos Travel Insurance is provided by AIG UK Limited. AIG UK Limited is authorized and regulated by the Financial Services Authority

AIG is a leading U.S. based international insurance and financial services organization. Its member companies write a wide range of commercial, personal and life insurance products through a variety of distribution channels in approximately 130 countries and jurisdictions throughout the world. AIG's global businesses also include financial services and asset management, including aircraft leasing, financial products, trading and market making, consumer finance, institutional, retail and direct investment fund asset management, real estate investment management, and retirement savings products.