|AIG EXCESS CASUALTY INTRODUCES AIG EXCESSPRIME; NEW EXCESS PROGRAM PROVIDES ADDITIONAL QUALITY LIMITS|
NEW YORK--(BUSINESS WIRE)--May 10, 2004--AIG Excess Casualty(R), a division of the property and casualty insurance subsidiaries of American International Group, Inc. (AIG), today introduced AIG ExcessPrime(SM), a $25 million commercial liability program that provides insureds with additional excess limits.
AIG ExcessPrime is designed to sit in excess of $50 million lead commercial umbrella insurance. To qualify for AIG ExcessPrime, an AIG member company must currently underwrite the existing lead commercial umbrella layer. The program offers Occurrence and Claims Made forms to provide substantial flexibility to risk managers who need a variety of coverage options*.
"There is clearly a lack of qualified, viable capacity in the excess market, leaving insurance buyers with few options to secure excess limits backed by a fiscally-sound carrier," said David Perez, President, AIG Excess Casualty. "AIG ExcessPrime fills this void, and gives risk managers who are concerned about insurer financial security and claims-paying ability a new choice to consider as they build a strong tower of insurance coverage."
The AIG ExcessPrime initiative features a streamlined quoting process for current AIG clients. When an insured submits an application for lead umbrella coverage, the AIG Excess Casualty underwriting team will automatically provide a quote for AIG ExcessPrime, eliminating the need to submit multiple applications for various coverages. Insureds will also benefit from the AIG Companies' extensive underwriting expertise on both lead and excess lines, with the standards typically seen within the lead layers now applied to excess coverage requests.
To learn more about AIG ExcessPrime, please contact Melena Ortega, AIG Excess Casualty, at (212) 458-1928 or Melena.Ortega@aig.com.
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 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.
CONTACT: AIG Andrew Silver, 212-770-3141 SOURCE: AIG