<< Back
AIG'S NATIONAL UNION FIRE INSURANCE COMPANY OF PITTSBURGH, PA.(R) INTRODUCES FINANCIAL INSTITUTIONS RISK PROTECTOR(SM) FOR PRIVATE FINANCIAL INSTITUTIONS
PDF Version

Financial Institutions Risk Protector Addresses Privately Held Financial Institutions' Needs for Access to Critical Liability Coverages

NEW YORK--Jan. 9, 2007--National Union Fire Insurance Company of Pittsburgh, Pa.(R) (National Union), a member company of American International Group, Inc. (AIG), today announced Financial Institutions Risk Protector(SM), a package of management and professional liability insurance coverages for privately held financial institutions.

Financial Institutions Risk Protector provides companies with the ability to bundle a number of essential management and professional liability coverages into one comprehensive policy, and offers a modular format for purchasing coverage, including: directors & officers liability; employment practices liability; fiduciary liability; errors & omissions (E&O) liability for insurance companies and for banks; security & privacy liability; and employed lawyers liability.

"Today, local banks, insurance companies and other privately held financial institutions face many of the same disclosure requirements and management challenges as their public counterparts," said Scott Meyer, President, Financial Institutions Group, National Union. "With more stringent requirements under Sarbanes-Oxley and the SEC, these financial institutions require sophisticated protection that is easy to purchase and competitively priced. We created Financial Institutions Risk Protector to respond to the needs of these financial institutions."

Financial Institutions Risk Protector combines the most critical management liability coverages as well as professional liability coverages tailored to the needs of privately held financial institutions into a single package, available with flexible retentions and aggregate limits to maximize cost-efficiencies.

The Financial Institutions Risk Protector leverages National Union's expertise in claims handling, litigation management and loss prevention, to help insureds defend against liability claims from shareholders, employees, third parties and others. This includes access to National Union's Panel Counsel, composed of leading securities, employment practices and fiduciary litigation attorneys. Under the program, insureds that purchase employment practices liability coverage receive EPL Pak(R) Premier, National Union's proprietary loss prevention package of products and services designed to help companies minimize their employment practices exposures through best practices in training, testing, tracking and compliance in the workplace.

For more information, please contact your local National Union office. You can also e-mail managementliability@aig.com or visit www.aignationalunion.com.

American International Group, Inc. (AIG), world leaders in insurance and financial services, is the leading international insurance organization with operations in more than 130 countries and jurisdictions. AIG companies serve commercial, institutional and individual customers through the most extensive worldwide property-casualty and life insurance networks of any insurer. In addition, AIG companies are leading providers of retirement services, financial services and asset management around the world. 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 jurisdictions. Non-insurance products may be provided through independent third parties.

CONTACT:
American International Group, Inc.
Peter Tulupman, Public Relations Manager
212-770-3141