|LEXINGTON INSURANCE COMPANY LAUNCHES OUTSOURCING PROTECTOR, A NEW PROPERTY INSURANCE SOLUTION FOR OUTSOURCING RISKS|
NEW YORK--April 25, 2005--Lexington Insurance Company, a member company of American International Group, Inc. (AIG), today launched Outsourcing Protector(SM), a new property insurance offering designed to help companies address the risks of domestic and overseas outsourcing.
Outsourcing Protector, an endorsement to Lexington's multi-peril property policy, extends Lexington's property coverage to business interruption losses and extra expenses incurred as the result of a fire or other covered causes of loss that occurs at the outsourcing vendors' facilities. Further, when an insured has purchased terrorism and/or cyber-related coverages in its property policy, the endorsement will indemnify such perils. Customers may also expand coverage to include an insured's business and personal property located at vendor locations, both foreign and domestic.
"Companies today are outsourcing a wide range of business functions, from call centers, to web services, to accounting duties," said Kevin Kelley, Chairman and Chief Executive Officer, Lexington Insurance Company. "Yet, many of these companies are unaware that their traditional property policies do not respond to all outsourcing-related risks. The Outsourcing Protector suite of coverages specifically addresses the emerging risks that are not covered by traditional insurance policies, thereby providing protection from the significant loss of income that can occur."
In addition to Outsourcing Protector, Lexington also offers other property and casualty products that respond to outsourcing risks, including LexCyberSecure(SM), as well as tailored General Liability and Professional Liability coverages.*
To learn more about Outsourcing Protector, please contact John Foreman, Vice President, Lexington Property, at 617.330.8429 or OutsourcingProtector@aig.com.
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 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 retirement services, financial 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 in the U.S. on the New York Stock Exchange and ArcaEx, 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. Coverage may not be available in all jurisdictions. Non-insurance products may be provided through independent third parties.