|AIG's AMERICAN INTERNATIONAL COMPANIES INTRODUCE WORKPLACE VIOLENCE INSURANCE; RETAINS CITIGATE GLOBAL INTELLIGENCE & SECURITY FOR CRISIS RESPONSE SERVICES|
NEW YORK--Nov. 14, 2002--American International Group, Inc. (AIG) has announced that the American International Companies have introduced Workplace Assurance(SM), an insurance coverage for the financial loss associated with incidents of violence in the workplace.
Additionally, Workplace Assurance insureds will have access to the services of Citigate Global Intelligence & Security (CGIS), an industry leader in security and workplace violence response.
According to the U.S. Department of Justice's annual National Crime Victimization Survey, as many as 2 million violent acts are reported each year in the United States alone. The Workplace Violence Research Institute has estimated that the cost of those incidents exceeds $36 billion annually.
"Workplace violence is a growing threat in today's world. Workplace Assurance offers companies an innovative way to manage what was previously perceived as a self insured risk," said Diane Borden, Vice President of AIU Commercial Lines and Head of its Crisis Management unit. "As with all American International Companies' Crisis Management products, it couples indemnification with consultant response. We look forward to a successful relationship with CGIS and Paul M. Viollis, who is an expert in his field."
W. Gordon Knight, President, AIG WorldSource added, "Workplace Assurance responds to increased interest from clients seeking coverage for the financial impact of workplace violence incidents. The availability of Workplace Assurance reinforces our commitment to provide agents and brokers and their clients with access to the industry's most comprehensive coverages and expert capabilities in crisis management."
Workplace Assurance provides coverage for consultant costs, related expenses (among them security measures, informant rewards, medical costs and lost salary), death and dismemberment benefits, and business interruption. Coverage also includes access to a 24-hour emergency response help line. Workplace Assurance is initially being introduced in the United States, the United Kingdom, and Europe.
CGIS will act as consultant to Workplace Assurance insureds, providing pre-incident security briefings, and acting in a response capacity. CGIS's Security practice is headed by Paul M. Viollis, managing director and practice leader. Mr. Viollis has extensive experience in both security and law enforcement and crisis management, having spent 22 years in this arena and worked on thousands of investigations and safety briefings. He is recognized as one of the foremost experts in workplace violence avoidance, and has written five books and numerous articles on the subject.
The American International Companies offer leading crisis management coverages and services internationally through the AIU Crisis Management unit and domestically through AIG WorldSource, underwriting insurance for crisis situations, including kidnap for ransom, extortion, accidental or malicious product contamination, terrorism and sabotage, workplace violence, and political evacuation.
Citigate Global Intelligence & Security is a global business intelligence, corporate investigations and business controls/security consulting firm focused on helping clients meet increased intelligence and security needs. Founded by former senior executives of Kroll Associates and PricewaterhouseCoopers, CGIS offers clients seamless access to leading practitioners in the fields of business investigations, investigative due diligence, hostile takeovers, business and competitor intelligence, forensic accounting, business controls, corporate and computer security, and crisis management. CGIS is headquartered in New York with offices in Los Angeles, Boston, Miami, Dallas, Chicago and Reston, Virginia. For additional information about CGIS, visit the firm's web site at www.citigategis.com.
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 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 stock exchanges in London, Paris, Switzerland and Tokyo.
The above described coverage may not be available in all jurisdictions, 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.