|AIG ENVIRONMENTAL INCREASES CAPACITY TO $150 MILLION|
NEW YORK, Aug 8, 2002 -- American International Group, Inc. (AIG) has announced that AIG Environmental, a division of the American International Companies, has increased its capacity to $150 million per loss and $150 million aggregate for its major environmental product lines, up from $100 million.
AIG Environmental, writing business through member companies of AIG, is the leading U.S. provider of environmental insurance products and services.
"At a time when obtaining sufficient capacity is an increasing challenge for many risk managers, the AIG member companies have the market leading capacity and financial strength to address the complete range of their environmental exposures," said Joseph L. Boren, AIG Vice President, Domestic General Insurance and President and Chief Executive Officer of AIG Environmental. "This increased capacity, combined with AIG Environmental's strong distribution, flexibility of solutions and service excellence, are key competitive assets that enable AIG Environmental to continue to meet the environmental insurance needs of the market."
AIG member companies have been underwriting pollution coverages since 1979, providing coverage for the environmental exposures faced by facility owners and operators, lenders, contractors, consultants, and transporters. AIG Environmental products include Pollution Legal Liability Select (PLL Select), Cleanup Cost Cap, Secured Creditor Impaired Property Policy, Contractors Operations and Professional Services (COPS), and Contractors Pollution Occurrence (CPO).(a)
For more information, contact AIG Environmental at 212/458-6223.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) The above described coverage may not be available in all states, and the above description thereof is neither a complete description nor a complete list of all terms, conditions and exclusions. Note that certain terms used above are defined in the policy. Please see the policy for a complete description of its scope and limitations of coverage. Issuance of coverage is subject to underwriting. Insurance is underwritten by member companies of American International Group, Inc. Non-insurance products may be provided through independent third parties.
CONTACT: AIG, New York Ned Burke, 212/770-3141