|AIG COMPANIES INTRODUCE AIG PASSPORT FOR PENSION TRUST LIABILITY INSURANCE|
New Service Streamlines the Purchase of Global PTL Coverage
NEW YORK--Sept. 8, 2008--The AIG Companies(R) today introduced AIG Passport(SM) for Pension Trust Liability (PTL), a service for U.S.- or Canada-based multinational companies to facilitate purchasing locally admitted PTL insurance to cover international operations and subsidiaries.
AIG Passport for Pension Trust Liability delivers the same market-leading AIG Executive Liability coverage to protect directors, officers and employees who are named in a lawsuit stemming from allegations such as imprudent plan investment or errors in plan administration. Foreign PTL policies written through AIG Passport are issued by the locally licensed AIG Company, in compliance with local laws and regulations. Claims are handled by local AIG claims examiners, who are supported by a home country claims management team. AIG Passport for PTL is available for new and renewal business. AIG Passport for PTL is currently available to address risks in 19 foreign jurisdictions.
"Worldwide, huge segments of the population are nearing retirement. At the same time, benefits are being cut and losses are mounting in retirement plans, triggering a rise in litigation," said Rhonda Prussack, Executive Vice President and Fiduciary Liability Product Manager of AIG Executive Liability. "Because individuals who manage these plans can be held personally liable to restore losses to the plan, it is crucial for fiduciaries with global interests to retain PTL coverage."
The AIG Companies' unique global franchise--with operations in over 130 countries and jurisdictions--and financial strength enables AIG to consistently deliver products to meet evolving insurance coverage needs worldwide. AIG Passport for PTL is the eighth product added to AIG's Passport platform. Since September of 2006, AIG has introduced Passport for Directors and Officers Liability, Errors and Omissions, Excess Casualty, Fidelity, AIG Global Ambassador, Pollution Legal Liability and Employment Practices Liability.
For more information on AIG Passport, please contact AIGPassport@aig.com or visit www.aigpassport.com.
All products are written by insurance company subsidiaries of American International Group, Inc. Coverage may not be available in all jurisdictions and is subject to actual policy language. Non-insurance products and services may be provided by independent third parties.
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.