|AIG'S NATIONAL UNION FIRE INSURANCE COMPANY OF PITTSBURGH, PA. INTRODUCES INVESTMENT BANKING ENGAGEMENT INSURANCE|
Investment Banking Engagement Insurance Allows Investment Banks to Secure E&O Insurance Policies for Services Performed on Specific Transactions
NEW YORK--(BUSINESS WIRE)--Jan. 31, 2007--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 its Investment Banking Engagement Insurance (IBEI) Policy, a new type of professional liability insurance policy for investment banks to insure a specific transaction against errors and omissions (E&O) claims.
IBEI can be used for any type of investment banking engagement including raising equity and debt in the capital markets and providing advisory services for mergers, acquisitions and other types of financial transactions. IBEI's transaction-based approach allows investment banks - especially those mid-tier banks which may be most vulnerable to an adverse E&O event - to secure customized coverage for a specific transaction.
"Currently market capacity for E&O coverage for the investment banking community is very limited, despite strong demand," said Scott A. Meyer, President, National Union Financial Institutions Group. "National Union's proficiency in offering risk management solutions for financial institutions is now enhanced by providing investment banks with the appropriate E&O coverage needed for specific transactions."
IBEI offers expanded protection for individuals named in a covered claim, including the payment of defense costs, which usually would fall within the policy's self insured retention, if the investment bank is financially insolvent, and limiting the application of the fraud exclusion to situations where there has been a judgment, final adjudication or alternative dispute resolution adverse to the insured regarding the fraudulent conduct. Limits of up to $25 million are available.
For more information, please contact your local AIG office, your insurance broker or email email@example.com ; you can also visit us on the Web at: 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 states. Non-insurance products may be provided through independent third parties.