|AIG GLOBAL INCREASES CAPACITY FOR POLITICAL RISK AND TRADE CREDIT INSURANCE|
NEW YORK, Jul 22, 2008 -- AIG Global Trade & Political Risk Insurance Company (AIG Global) today announced it has increased capacity to support political risk insurance (PRI) policies with limits up to $120 million per risk, from $100 million per risk. The increased capacity is also available in foreign currencies with maximum limits of EUR 75,000,000, GBP 60,000,000 or Yen 12,500,000,000 for any one risk. It also increased per buyer capacity in support of trade credit insurance (TCI) policies to $95 million from $75 million, and its equivalent in Sterling, Euro or Yen.
"Globalized trade and investment flows have resulted in a trend toward larger transactions and diversified risk exposures in a number of currencies," said John Salinger, President, AIG Global. "By responding to their needs, AIG Global is again demonstrating its commitment to remaining at the forefront of meeting our customers' ever more complex coverage requirements."
The new limits are applicable for all classes of PRI. AIG Global's PRI covers a range of political perils that can affect foreign direct investments and assets, project finance, export or import transactions, or cross-border financings to private or sovereign borrowers--whether for working capital, trade related or capital market borrowings. On-shore and local currency risk exposures in emerging countries may also be covered. The higher limits are available for committed, non-cancelable policy periods of up to 15 years, subject to AIG Global's normal underwriting criteria. TCI covers both export and domestic credit risks.
To learn more, visit AIG Global's Web sites at http://www.aig.com/PRI or http://www.aig.com/TCI or contact your local AIG Global office.
AIG Global is one of the world's leading providers of political risk insurance and a member of the International Union of Credit and Investment Insurers, known as the Berne Union. With the benefit of 30 years' experience through the volatility of emerging markets, and backed by the diversity and financial strength of American International Group, Inc., the company has the capacity and commitment to support its clients' growing business needs well into the future. AIG Global has dedicated underwriting staff in New York, Chicago, San Francisco, Los Angeles, Toronto, London, Paris, Madrid, Tokyo, Hong Kong, Guangzhou, Shanghai and Sydney.
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 Ireland and Tokyo.
American International Group, Inc. (AIG)