|AIG'S NATIONAL UNION FIRE INSURANCE COMPANY OF PITTSBURGH, PA. ANNOUNCES ENHANCED LIABILITY COVERAGE FOR PRIVATE EQUITY AND VENTURE CAPITAL FIRMS|
NEW YORK--March 17, 2004-- National Union Fire Insurance Company of Pittsburgh, Pa.(R) (National Union), a member company of American International Group, Inc. (AIG), today announced the launch of Risk Capital Protector(SM), a program designed to respond to the organizational and managerial liability exposures of venture capital and private equity firms and their managers.
Risk Capital Protector insures venture capital and private equity firms in their capacity as investment advisors and general partners to investment funds, and provides coverage for lawsuits brought against fund managers by limited partners and portfolio companies. Broad organizational liability coverages--including professional services liability, general partner liability, investment advisor liability and directors and officers liability--are provided for both the organization and individual managers.
Key features of the program include broad coverage for investment advisory and management and other related services provided to portfolio entities, "run-off" coverage for outside entity executives, coverage for advisory board members, and blanket coverage for all existing funds.
"With interest mounting in the venture capital and private equity sectors, awareness of the management and organizational liability exposures unique to these firms and fund managers has also increased," stated John Keogh, President and Chief Executive Officer of National Union. "The new Risk Capital Protector form was designed to be easy to read and comprehensive; it responds directly to the distinct and evolving insurance needs of venture capitalists and private equity investors."
For more information on Risk Capital Protector, please contact your local insurance broker or e-mail firstname.lastname@example.org.
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. (AIG) Andrew Silver, 212-770-3141 SOURCE: American International Group, Inc. (AIG)