American Insurer AIG Says UK Division Steady

Posted by admin

September 24, 2008

AIG, the troubled US insurance giant that only last week was saved from collapse by the Federal Reserve, says UK operations are “back to usual”, according to BusinessInsurance.com.

AIG UK Ltd has broadened its PrivateEdge D&O product including special programmes for private companies, partnerships, not-for-profit organisations, an other groups. AIG is eager to put last weeks near disaster behind them as the US government stepped in with an $85 billion bailout loan to help the struggling insurer keep afloat and avoid bankruptcy.

Chief executive officer of AIG UK, Lex Baugh, said, “Our brokers are keen for us to extend this cover, given the growing number of issues faced by private companies, and we are very pleased at how many of them are supporting this launch,

“Our ability to trade is absolutely undiminished by recent events and AIG U.K. is still generating significant positive cashflow,” said Mr. Baugh.

Despite AIG’s intention to sell many of its assets to repay the high interest loan from the Fed, AIG UK reassured staff that their UK division was “as strong as ever” and were care assets of the company.

Technorati Tags: federal reserve, aig, uk, bankruptcy