American International Group Inc. (AIG) has issued an estimate of its total expected losses relating to Hurricanes Charley, Frances, Ivan and Jeanne, and Typhoons number 16 (Chaba), 18 (Songda) and 21 (Meari) in Japan.
AIG estimates that its total after tax net losses will be in a range of $500 to $515 million. This total includes AIG’s own Domestic Brokerage Group (including Lexington Insurance Company), Domestic Personal Lines business and Foreign General operations as well as AIG’s prorated share of losses from AIG’s majority investment in Transatlantic Holdings Inc. and participation in Lloyd’s Syndicate 1414 (Ascot); and AIG’s minority investments in Allied World Assurance Holdings Ltd, IPC Holdings Ltd., and Fuji Fire & Marine Insurance Company Limited.
AIG Chairman M. R. Greenberg said, “This unusually severe storm season has resulted in a tragic loss of life and property. Our first priority has been to deploy our claims professionals throughout the affected areas to serve our customers. The importance of AIG’s claims handling expertise, strong financial position and diverse business mix will be evident when we announce third quarter results.”
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