17/9/08
AIG UK Ltd have just released the attached press statement to reassure policyholders.
17/9/08
AIG has been given a $85bn loan this morning by the US Federal Reserve in return for an 80% public stake in the firm. This has alleviated the immediate concerns about the company who have issued a press statement for concerned policyholders. Click here to read this.
We will be in touch with each of our AIG policyholders prior to their renewal date ,as usual, to discuss insurance arrangements going forward but in the meantime are happy to discuss any ongoing concerns you may have.
Whilst Heartland regularly check the credit ratings and strengths of insurance companies we cannot and do not guarantee the solvency or continued solvency of any insurer used, and clients should make their own investigations into the financial position of any insurer with whom they enter a contract.
16/9/08
We understand that some of our policyholders may be concerned by reports of difficulties being experienced by AIG in the United States and thought it prudent keep you informed. AIG is the largest commercial insurer in the US and transacts business in 130 countries worldwide. Thought to be one of the most secure institutions its credit rating was, until today, A+.
We understand that this has been reduced to AA+ this morning by several credit ratings companies in response to the information coming from the US and certainly these are difficult times for many financial institutions both home and abroad.
Should any of our policyholders require further current in depth credit analysis on AIG we are happy to supply this upon request and would advise that at the present time we are expecting a press release from AIG Europe to clarify the situation.
We will, of course, keep you up to date with developments and should there be any negative implications we are in a position to offer alternative arrangements if necessary.
