LONDON--(BUSINESS WIRE)--Feb. 13, 2013--
AIG announces the pan-European launch of its new CorporateGuard D&O
policy which responds to important shifts in current risks to Directors
and Officers, as well as evolving corporate governance demands.
“In the current regulatory environment, Directors and Officers are
facing increased political, regulatory and criminal scrutiny,” says
Peter McKenna, Head of Financial Lines, AIG Europe Ltd. “What is novel
here is the growing number of investigations of individuals due to
whistle-blowing and self-reporting.” The new CorporateGuard, in turn,
provides earlier protection by covering such pre-claim inquiries and
individual target investigations.
“Further, D&O actions are becoming more ‘personal’ against individual
corporate officers,” asserts Mr. McKenna, “as regulators and
shareholders are now looking for specific culprits to punish.” The new
AIG CorporateGuard now comes to the defence of Directors by providing
enhanced reputation coverage, as well as mitigation cover to settle
potential civil actions.
As companies expand internationally, D&Os become exposed to new
liabilities and unfamiliar corporate governance regimes. The new
CorporateGuard provides Directors and Officers peace of mind by
providing emergency funding to directors in case their property is
confiscated or assets frozen and paying any individual director’s
liability for unpaid corporate taxes. Localized D&O policies, as part of
the AIG Passport program, ensure that one’s D&O coverage is tailored to
local requirements and tap into AIG’s unrivalled international network.
Against a background of rising claims against D&Os, AIG will now provide
unique “any one claim” reinstatement coverage for certain sectors and
jurisdictions. This will ensure that directors and officers will benefit
from AIG’s strengths and from the experience of its claims department
for every unrelated claim.
The new AIG CorporateGuard will be launched across Europe throughout
February. Please contact your local Financial Lines Department.
Notes to editors
American International Group, Inc. (AIG) is a leading international
insurance organisation serving customers in more than 130 countries and
jurisdictions. AIG companies serve commercial, institutional, and
individual customers through one of the most extensive worldwide
property-casualty networks of any insurer. In addition, AIG companies
are leading providers of life insurance and retirement services in the
United States. AIG common stock is listed on the New York Stock Exchange
and the Tokyo Stock Exchange.
Additional information about AIG can be found at www.aig.com
| YouTube: www.youtube.com/aig
| LinkedIn: http://www.linkedin.com/company/aig
AIG is the marketing name for the worldwide property-casualty, life and
retirement, and general insurance operations of American International
Group, Inc. For additional information, please visit our website at www.aig.com.
Products and services are written or provided by subsidiaries or
affiliates of American International Group, Inc. Not all products and
services are available in every jurisdiction, and insurance coverage is
governed by the actual terms & conditions of insurance set out in the
policy or in the insurance contract. Certain products and services may
be provided by independent third parties. Insurance products may be
distributed through affiliated or unaffiliated entities. In Europe, the
principal insurance provider is AIG Europe Limited.
Source: American International Group, Inc. (AIG)
American International Group, Inc. (AIG)
Steve Muir, 020-7954-8288
Manager – UK