|AIG COMPANIES INTRODUCE AIG PASSPORT FOR FIDELITY INSURANCE|
New Service Streamlines Purchase of Global Fidelity Coverage
NEW YORK--Feb. 12, 2008--The AIG Companies(R) today introduced AIG Passport(SM) for Fidelity, a service created for multinational companies to facilitate the purchase of locally admitted fidelity insurance to cover their international operations and subsidiaries against loss related to white-collar crime and financial losses resulting from employee theft.
AIG Passport for Fidelity is available for U.S.- and foreign-based companies, with separate policies covering commercial crime and financial institutions' fidelity exposures. Both policies cover a wide variety of white-collar crime including loss of money, securities or tangible property resulting from employee theft. AIG Passport for Fidelity is available for new and renewal business, and will initially be available in 77 countries.
Just as the AIG Companies have provided admitted policies around the world for many years, AIG Passport policies are issued by locally licensed AIG Companies and are compliant with local laws and regulations. Claims will be handled by local AIG claims examiners supported by a home country management team.
"Multinationals are looking for a streamlined way to purchase locally admitted fidelity coverage for their operations around the globe," said John Doyle, President and CEO, AIG Executive Liability. "With operations in more than 130 countries and jurisdictions, the AIG Companies are uniquely positioned to address worldwide fidelity risks through the AIG Passport platform."
"AIG Passport for Fidelity gives our customers with international operations added peace of mind that they are protected regardless of where they operate," said James Shea, Senior Vice President, AIU Commercial Lines.
AIG Passport for Fidelity is the latest product in the AIG Passport service offering, which includes AIG Passport for Directors and Officers (D&O), AIG Passport for Excess Casualty, and AIG Passport for Errors and Omissions (E&O). The AIG Companies' unique global franchise--with operations in over 130 countries and jurisdictions--and financial strength enables them to consistently deliver products to meet evolving insurance coverage needs worldwide.
For more information on AIG Passport for Fidelity, please contact AIGPassport@aig.com or visit http://www.aigpassport.com.
American International Group, Inc. (AIG), a world leader in insurance and financial services, is the leading international insurance organization with operations in more than 130 countries and jurisdictions. AIG companies serve commercial, institutional and individual customers through the most extensive worldwide property-casualty and life insurance networks of any insurer. In addition, AIG companies are leading providers of retirement services, financial services and asset management around the world. AIG's common stock is listed on the New York Stock Exchange, as well as the stock exchanges in Paris and Tokyo.
AIG Passport for Fidelity was developed in conjunction with AIG Product Development.