Business Services Industry
AIG boosts reserves to cover excess casualty, D&O claims.(News)(American International Group Inc. to increase loss reserves for casualty business)(Brief Article)
Business Insurance, February, 2003 by Coccia, Regis
Byline: Regis Coccia NEW YORK-American International Group Inc. said last week that it will increase its loss reserves by $2.8 billion for casualty business it wrote between 1997 and 2001. AIG said it would incur a net aftertax charge of $1.8 billion for the fourth quarter of 2002 because of the reserve increase.
New York-based AIG stressed that the reserve addition relates mainly to excess casualty losses and directors and officers liability claims, not asbestos-related losses. ``This action does not include an asbestos reserve increase. AIG's reserves for asbestos-related claims continue to be appropriate,'' Chairman and Chief Executive Officer Maurice R. Greenberg said in a statement. He noted that AIG's asbestos liabilities are ``relatively small''...
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