|AIG COMPANIES LAUNCH PRODUCT AND PROFESSIONAL LIABILITY COVERAGES FOR COMPANIES DEVELOPING HOMELAND SECURITY PRODUCTS AND TECHNOLOGIES|
NEW YORK--March 15, 2004--The AIG Companies today introduced SAFETY Act Homeland Protector(SM), a new set of product and professional liability coverages designed for companies developing and selling anti-terrorism products and technologies in accordance with the Support Anti-Terrorism By Fostering Effective Technologies Act of 2002 ("SAFETY Act").
The SAFETY Act Homeland Protector program insures companies against the product and/or professional liabilities that can arise when a product or technology certified by the Department of Homeland Security is deployed to defend against, respond to, or recover from a terrorist attack. Coverage is available with limits of liability up to $25 million. Consistent with the protections afforded to companies under the SAFETY Act, coverage is activated only when an act of terrorism has occurred.*
"It is important for companies developing anti-terrorism products and technologies to be innovative in order to effectively protect the nation from terror threats," said Kevin Kelley, Chairman and Chief Executive Officer of Lexington Insurance Company, a member company of American International Group, Inc. "With the protection offered by SAFETY Act Homeland Protector coverage, insureds can establish a sound strategy for managing product and professional liability risks, which ultimately allows them to focus on developing innovative solutions for our nation's security issues."
SAFETY Act Homeland Protector coverage also includes a referral service to legal experts who will guide insureds through the application process for legal protection provided by the SAFETY Act, under the administration of the Department of Homeland Security.
Developed by the AIG Companies in conjunction with AIG Corporate Product Development, SAFETY Act Homeland Protector is currently available in the United States through brokers. For more information, please contact Wanda Johnson, Vice President, Specialty Casualty at 617-443-4614, or SafetyAct@aig.com.
American International Group, Inc. (AIG) is the world's leading international insurance and financial services organization, with operations in approximately 130 countries and jurisdictions. AIG member companies serve commercial, institutional and individual customers through the most extensive worldwide property-casualty and life insurance networks of any insurer. In the United States, AIG companies are the largest underwriters of commercial and industrial insurance and AIG American General is a top-ranked life insurer. AIG's global businesses also include financial services, retirement services and asset management. AIG's financial services businesses include aircraft leasing, financial products, trading and market making. AIG's growing global consumer finance business is led in the United States by American General Finance. AIG also has one of the largest U.S. retirement services businesses through AIG SunAmerica and AIG VALIC, 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.
*Insurance is underwritten by member companies of American International Group, Inc., and is subject to underwriting review and approval. The description herein is a summary only. It does not include all terms, conditions and exclusions of the policies described. Please refer to the actual policies for complete details of coverage and exclusions. Coverage may not be available in all states. Non-insurance products may be provided through independent third parties.
CONTACT: American International Group, Inc. Andrew Silver, 212-770-3141 SOURCE: American International Group, Inc.