|AIU COMMERCIAL LINES OFFERS FOOD AND BEVERAGE INDUSTRY INSUREDS ACCESS TO PRODUCT SAFTEY AND RECALL SERVICES OF RQA AND RSSL|
NEW YORK, Jul 24, 2002 -- American International Group, Inc. (AIG) has announced that the Commercial Lines Division of American International Underwriters (AIU), AIG's international property casualty insurance organization, has retained RQA, Inc., a provider of facility audit and product recall services, and Reading Scientific Services Ltd. (RSSL), a provider of specialized laboratory analysis, to help food and beverage industry clients reduce product contamination risks that may trigger a product recall or withdrawal.
"Food safety and security have become a greater concern globally for both the industry and consumers. Enhanced prevention techniques are increasingly important in averting crises that may imperil the safety of consumers, the viability of a product line, and even the company itself," said Diane E. Borden, vice president of AIU Commercial Lines and head of its Crisis Management unit. "Our new relationships with RQA and RSSL demonstrates the importance we place on pre-incident and response consulting services. The industry specific experience and global capabilities of both will provide significant value to our insureds."
Contaminated Product Insurance, underwritten by AIG member companies, provides coverage for business interruption expenses, recall costs, extra expenses to rehabilitate the product, certain consultant and advisor fees, and extortion costs to a company after an accidental contamination, malicious product tampering or product extortion.(a)
Founded in 1989, RQA, Inc. operates from offices in Chicago, Phoenix, New York, Los Angeles, Toronto, London, Brussels and Sydney. RQA has provided more than a decade of support to the food, beverage and consumer products industries, evaluating quality from concept to consumption. More than 5,000 professional field personnel in more than 50 countries worldwide perform specialized product quality assessment, manufacturing audits, sensory evaluation, product and consumer complaint retrieval, product recall services and crisis management consulting.
Based in Reading, England, RSSL operates an Emergency Response Service, providing immediate analytical and information back up to companies faced with emergencies such as accidental and malicious product contamination. The service, which operates 24 hours a day, 365 days a year, has assisted in the resolution of thousands of product emergencies worldwide. RSSL also provides training and consultancy in crisis management.
AIG is the world's leading U.S.-based international insurance and financial services organization, the largest underwriter of commercial and industrial insurance in the United States, and among the top-ranked U.S. life insurers. Its member companies write a wide range of general insurance and life insurance products for commercial, institutional and individual customers through a variety of distribution channels in approximately 130 countries and jurisdictions throughout the world. AIG's global businesses also include financial services, retirement savings and asset management. AIG's financial services businesses include aircraft leasing, financial products, trading and market making, and consumer finance. AIG has one of the largest retirement savings businesses in the United States and is a leader in asset management for the individual and institutional markets, with specialized investment management capabilities in equities, fixed income, alternative investments and real estate. AIG's common stock is listed on the New York Stock Exchange, as well as the stock exchanges in London, Paris, Switzerland and Tokyo.
(a) Insurance underwritten by member companies of AIG. The description herein is a summary only. It does not include all terms, conditions and exclusions of the policy described. Please refer to the actual policy for complete details of coverage and exclusions. Coverage may not be available in all states.
CONTACT: American International Group, Inc. Ned Burke, 212/770-3141