AIG Estimates Charley Losses at $80 to $100 Million

August 20, 2004

American International Group, Inc. has issued an initial estimate of its total expected losses from Hurricane Charley, indicating that the total after tax would be in a range of $80 to $100 million.

“This total includes AIG’s own Domestic Brokerage Group (including Lexington Insurance Company) and its Domestic Personal Lines business as well as AIG’s prorated share of losses from AIG’s majority investments in Transatlantic Holdings, Inc. and Lloyd’s Syndicate 1414 (Ascot); and AIG’s minority investments in Allied World Assurance Co. Ltd. and IPC Holding, Ltd.,” said the bulletin.

Chairman M. R. Greenberg commented: “AIG’s claims professionals have been working diligently to serve our customers throughout the region impacted by Hurricane Charley.”

He also stressed: “AIG is a highly diversified company in terms of both the geographic distribution of our operations around the world and our mix of businesses, which include Life Insurance & Retirement Services, Financial Services and Asset Management as well as General Insurance. The value of this diversity is clearly evident when losses from a significant catastrophe such as Hurricane Charley represent a very small share of AIG’s historic quarterly income.”

Was this article valuable?

Here are more articles you may enjoy.