November 24, 2014 7:30 AM ET

Insurance

Company Overview of AIU Insurance Company

Company Overview

AIU Insurance Company offers property, casualty, accident, health, marine, and surety insurance services. It provides insurance products and risk management services. It also provides risk financing solutions, political risk, and credit insurance services. AIU Insurance Company was formerly known as American International Insurance Company and changed its name to AIU Insurance Company in November 1976. The company was incorporated in 1851 and is based in New York, New York. AIU Insurance Company operates as a subsidiary of AIG Property Casualty International, LLC.

175 Water Street

24th Floor

New York, NY 10038

United States

Founded in 1851

Phone:

212-770-7000

Fax:

212-943-1125

Key Executives for AIU Insurance Company

President and Chief Executive Officer
Age: 64
Chief Operating Officer
President of Global Energy Property Division
Compensation as of Fiscal Year 2014.

AIU Insurance Company Key Developments

Wisconsin Court Rules Against American International Group's Units in Asbestos Case

The Wisconsin Court of Appeals ruled against three American International Group Inc. subsidiaries in a dispute over asbestos claims filed by Cleaver-Brooks Inc. AIU Insurance Co., Lexington Insurance Co. and National Union Fire Insurance Co. of Pittsburgh, Pa. must pay their obligations to the company simultaneously, rather than portioning out the payments for each policy year sequentially. The verdict upheld a previous ruling by the Circuit Court for Milwaukee County.

TIG Insurance's Notice to Excess Insurer of Potential Liability Untimely Under Policy

The U.S. District Court for the Southern District of New York granted summary judgment in favor of a reinsurer in an action brought by an excess insurer seeking a declaration of coverage for asbestos-related claims brought against a corporate insured. The plaintiff's notice to the defendant of the underlying claims was untimely under the policy. In the 1970s and 1980s, AIU Insurance Co. purchased nine certificates of facultative reinsurance from the predecessor of TIG Insurance Co. In the late 1990s, Foster Wheeler, which was insured under three umbrella policies with AIU, was named as a defendant in hundreds of thousands of asbestos-related actions. In 2001, several London-based insurers sued Foster Wheeler, Liberty Mutual Insurance Co., TIG and other insurers, seeking a declaration of non-coverage under their policies. Foster Wheeler filed a third-party complaint against AIU and other excess insurers, seeking a declaration of coverage for the claims brought against it.

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