2014-03-07 17:21:01 -
In response to strong demand for alternative risk financing programs, particularly from small and medium-sized companies globally, American International Group, Inc. (AIG) has launched Grand Isle SAC Limited (Grand Isle), a Bermuda-domiciled subsidiary.
Grand Isle offers customers the option of establishing segregated accounts in an AIG sponsored captive. Customers gain access to the captive’s established capital, insurance license, and underwriting capabilities to retain and manage their risk, without the costs of starting and operating their own standalone captives.
Segregated account companies have been used across all industry segments for a range of coverages, from general and professional liability to employee benefits and cyber risk. A segregated accounts company is considered an option for a company looking to share risk in order to
achieve cost savings and flexibility in its insurance program.
AIG Captive Management Services in Bermuda manages the regulatory requirements, financial reporting, and administrative functions for all customers participating in Grand Isle.
“Grand Isle furthers AIG’s active participation and involvement in Bermuda’s captive insurance market,” said. Bob Gagliardi, head of AIG’s worldwide captive management operations. “We see Grand Isle strengthening AIG’s commitment to our captive clients and to one of the most important captive markets in the world.”
American International Group, Inc. (AIG) is a leading international insurance organization serving customers in more than 130 countries. AIG companies serve commercial, institutional, and individual customers through one of the most extensive worldwide property-casualty networks of any insurer. In addition, AIG companies are leading providers of life insurance and retirement services in the United States. AIG common stock is listed on the New York Stock Exchange and the Tokyo Stock Exchange.
Additional information about AIG can be found at www.aig.com : cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww ..
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AIG is the marketing name for the worldwide property-casualty, life and retirement, and general insurance operations of American International Group, Inc. For additional information, please visit our website at www.aig.com : cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww ..
Products and services are written or provided by subsidiaries or affiliates of American International Group, Inc. (AIG). Not all products and services are available in every jurisdiction, and insurance coverage is governed by actual policy language. Certain products and services may be provided by independent third parties under contract with AIG or its subsidiaries or affiliates. Insurance products may be distributed through affiliated or unaffiliated entities. In Europe, the principal insurance provider is AIG Europe Limited.
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American International Group, Inc.Matt Gallagher, 212-458-3247 email@example.com