 |
 |
 |
|
|
|
|
What's New
Update from AIG Private Client GroupAIG Private Client Group Update as of September 17, 2008
(Update: September 17, 2008)
•
Last night, AIG’s Board of Directors approved a transaction with the Federal Reserve Bank of New York to provide a 24-month liquidity facility to AIG in the amount of $85 billion. Access to this facility will allow the parent company, AIG, to address its immediate liquidity needs, which is clearly a positive development for policyholders, brokers, employees and shareholders.
•
In connection with this transaction, the Federal government will receive a 79.9 percent equity interest in AIG.
•
In addition, AIG Chairman and Chief Executive Officer, Robert Willumstad, has resigned his position with AIG. Edward M. Liddy, former Chairman of the Allstate Corporation, has been named AIG’s new Chief Executive Officer.
•
Although the New York and Pennsylvania insurance departments were prepared to allow AIG to exchange certain liquid investment holdings of the insurance companies for high-valued, less liquid holdings of the parent company, this transaction was not necessary. The regulators’ consideration of this option demonstrates their confidence in the financial strength of our property/casualty insurance subsidiaries.
•
The Federal government’s willingness to act highlights AIG’s critical role in the global financial markets.
Please refer to our September 16 update for details on AIG Private Client Group’s unwavering ability to serve our producers and policyholders.
Copyright © 2008 American International Group, Inc. All rights reserved.
AIG Private Client Group, 70 Pine Street, 21st Floor, New York, NY 10270
| | | |
|
|
|
