american international group (AIG) Key Developments
American International Group, Inc. Launches USD 750 Million Notes Redemption
Apr 9 14
American International Group, Inc. announced that it will redeem all of its outstanding 3.000% notes due 2015 on May 5, 2014. On the redemption date, AIG will pay to the registered holders of the notes a redemption price per USD 1,000 principal amount of notes as determined in accordance with the indenture governing the Notes, plus accrued and unpaid interest to, but not including, the redemption Date. The notes are part of the firm's direct investment book and will be repaid using cash allocated to the DIB. As of April 4, 2014, USD 750 million aggregate principal amount of notes were outstanding. The notes are held only in book-entry form through The Depository Trust Company. DTC will redeem the notes in accordance with its procedures.
American International Group Launches Elite Index II
Apr 2 14
American International Group, Inc. has launched Elite Index II, a new life insurance product which offers universal option to enhance death benefits. Elite Index II is offered with the Accelerated Access Solution, an innovative rider that provides policy holders the option to accelerate the death benefit, income tax free (based on current tax laws), in the event of a chronic illness if all applicable criteria are met. Elite Index II offers an affordable death benefit and a simplified no-lapse guarantee for 20 years or until age 80, whichever comes first, as well as the potential for growth in policy value and the ability for clients to access the funds while still living. It is life insurance you don't have to die to use. With Elite Index II, clients can choose from among three interest-crediting accounts to fit individual needs which include: a declared interest account with a 2% guaranteed minimum annual interest rate; a choice between two index interest accounts with interest crediting linked to the S&P 500 with a minimum annual guaranteed interest rate of 0.25%, regardless of index performance. These index accounts provide the potential for higher crediting interest rates when the index is up and the safety of a minimum guaranteed interest rate; and a Choice Loan option, which allows Elite Index II policy holders to access their funds, but also have the loan collateral eligible for index interest.
American International Group, Inc. Announces Peter R. Fisher as New Director Nominee to Stand for Election
Mar 13 14
American International Group, Inc. announced that a new director nominee, Peter R. Fisher, Senior Fellow at the Center for Global Business and Government at the Tuck School of Business at Dartmouth College and former Head of Fixed Income at BlackRock, Inc., will stand for election with the 13 current members of the AIG Board at the AIG 2014 Annual Meeting of Shareholders scheduled for May 12, 2014. Mr. Fisher, 57, has been a Senior Fellow at the Center for Global Business and Government, and a Senior Lecturer, at the Tuck School of Business at Dartmouth College since July 2013.
American International Group Announces New Subsidiary Company in Bermuda for Segregated Accounts
Mar 10 14
American International Group Inc. (AIG) has launched Grand Isle SAC Limited subsidiary in Bermuda after a demand for alternative risk financing programmes was made mainly by small and medium-sized companies. Grand Isle will offer the option of establishing segregated accounts in an AIG sponsored captive and customers can access the captive's established capital, insurance license and underwriting capabilities to retain and manage their risk, without the starting and operating costs of their own standalone captives, the company mentioned. Further, the company said that segregated account companies have been used in all industry segments for different coverages and this kind of company is considered an option to share risk, achieve cost savings and flexibility in insurance programme. AIG Captive Management Services in Bermuda manages the regulatory requirements, financial reporting and administrative functions for all participating in Grand Isle.
American International Group, Inc. Announces Executive Changes
Mar 4 14
American International Group, Inc. announced senior leadership changes in its Commercial Insurance business, naming Michael Smith as Chief Operating Officer. Also, James Shea has been appointed as President of Global Financial Lines, and Robert Thomas has been named President of Global Specialty Lines. All three executives will report to John Q. Doyle, CEO of Global Commercial Insurance. As COO, Mr. Smith will be responsible for advancing Commercial Insurance's long-range strategies and its customer-focused distribution strategy. He will direct a team responsible for broker and client relationships; Global Risk Solutions, including multinational insurance strategy; and marketing strategy and innovation. Mr. Smith will also oversee operations and systems initiatives for Commercial Insurance worldwide. Mr. Smith most recently served as President of Global Financial Lines for AIG. Prior to that, he was President of Executive Liability. Mr. Smith has significant global experience in underwriting and claims management. Mr. Shea, currently President of Global Specialty Lines, will assume Mr. Smith's responsibilities as the new President of Global Financial Lines. Mr. Thomas will succeed Mr. Shea as President of Global Specialty Lines. In this role, he will oversee aerospace, environmental, marine, trade credit, political risk, surety, and programs insurance worldwide. Mr. Thomas moves to the role after serving as the Commercial Insurance COO since 2011.