Business Services Industry
Late News.
Business Insurance, February, 2003
Trump looking for new property insurer Casino owner and property developer Donald Trump says he is looking for a replacement for American International Group Inc. as the insurer for his $5 billion property portfolio. Mr. Trump said that despite general property market rate hikes over the past two years, other insurers are now offering better rates than AIG.
``We are seeing a lot of people wanting our business,'' he said. AIG said Mr. Trump's move is related to the insurer's refusal to participate in a bond issue. ``Donald Trump has threatened not to renew AIG insurance policies on Trump properties because AIG declined to buy Trump junk bonds in connection with a debt offering,'' an AIG spokesman said. Mr. Trump said his decision was not related to the debt...
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