A.M. Best Affirms Ratings of American International Group's Domestic Commercial Property/Casualty Companies.Business Editors OLDWICK, N.J.--(BUSINESS WIRE)--Feb. 4, 2003 A.M. Best Co. has affirmed the financial strength ratings of A++ (Superior) relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the American International Group
American International Group, Inc. (AIG) (NYSE: AIG; TYO: 8685 ) is a major American insurance corporation based in New York City. (AIG AIG addressee indicator group (US DoD) AIG American International Group, Inc AiG Answers in Genesis (religious group in defense of Scripture) AIG Artificial Intelligence Group AIG Australian Industry Group ) (New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of ), which comprises the domestic commercial property/casualty companies. The rating affirmations follow a recent announcement by the group's parent, American International Group, Inc (NYSE NYSE See: New York Stock Exchange :AIG) (New York) stating it will record a $2.8 billion pre-tax charge--after reinsurance--in the fourth quarter to increase its loss reserve provision primarily for excess casualty and directors' & officers' lines of business. The reserve increase relates to accident years 1997 through 2001 and is attributed to a significant deterioration in loss cost trends. Nonetheless, the rating affirmations reflect AIG's sustainable superior earnings performance, derived from its adherence to underwriting discipline and recognized leadership position within selected property/casualty market segments. While AIG maintains the financial resources and flexibility to support the capital needs of its core business operations Business operations are those activities involved in the running of a business for the purpose of producing value for the stakeholders. Compare business processes. The outcome of business operations is the harvesting of value from assets , A.M. Best has some concern with regard to the group's stacked capital structure and its effect on individual companies within the group. A.M. Best intends to meet with management over the near term to review the group's capital structure, its effect on individual companies within the group and the allocation of capital to support individual operating entities. All remaining AIG financial strength ratings are unaffected. For a complete listing of American International Group's domestic commercial property/casualty companies, visit http://www.ambest.com/press/aig020403.pdf. A.M. Best Co., established in 1899, is the world's oldest and most authoritative insurance rating and information source. For more information, visit A.M. Best's Web site at www.ambest.com. |
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