|AIG's NATIONAL UNION FIRE INSURANCE COMPANY OF PITTSBURGH, PA. ANNOUNCES LAUNCH OF MUTUAL FUND IDL PREMIER|
NEW YORK--March 24, 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 Mutual Fund IDL Premier(SM), a new coverage designed to meet the emerging liability exposures faced by independent board members of mutual funds.
"With mutual funds the focus of unprecedented public and regulatory scrutiny, new rules and pending legislation are expected to increase both the responsibilities and potential liabilities of independent board members," said John Keogh, President and Chief Executive Officer of National Union. "Mutual Fund IDL Premier is a non-rescindable insurance solution designed to provide independent mutual fund board members with an extra layer of security at a time when their board service may otherwise put them at substantial personal risk."
Mutual Fund IDL Premier is designed with the flexibility to provide primary coverage for claims--with no retention--when a mutual fund's standard Directors & Officers (D&O) policy does not protect independent board members due to insurer rescission or an insured's breach of a "non-severable" warranty in the application. Additional coverage highlights include:
-- Excess non-indemnifiable coverage solely for independent directors; -- Non-rescindable coverage for defense costs, settlements and judgments; and -- No retention when Mutual Fund IDL Premier drops-down to replace other D&O policies.
Mutual Fund IDL Premier can be written either as a complement to an insured's existing D&O policy from an AIG member company, or in conjunction with other insurers' D&O offerings. For more information on Mutual Fund IDL Premier, please contact Scott Meyer, President, National Union Financial Institutions Group at (212) 458-6317, 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 more than 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 member 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.