NEW YORK--(BUSINESS WIRE)--Jul. 28, 2016--
AIG UK, part of global insurer American International Group, Inc.,
announces an addition to its Directors’ & Officers’ (D&O) policies that
will cover costs not paid for by the company for: legal challenges in
the event of permanent residency applications being rejected pre Brexit;
and the subsequent challenges to repatriation orders post Brexit.
Executives that are citizens of the EU covered by AIG UK’s D&O cover
whose applications for permanent residency in the UK are rejected prior
to the termination of the United Kingdom’s (UK) membership of the
European Union (EU) will have their legal costs met to challenge the
decision. The addition will also cover legal costs for UK nationals if
their application for permanent residency in a member state of the EU is
rejected.
Although the outcome of discussions between the UK and EU are unclear,
some expats in the UK are already seeking permanent residency to secure
their right to live in the UK.
Separately, the new addition will also cover legal costs for executives
living in the UK and EU to fight a repatriation order as a result of
termination of the UK’s membership in the EU. Should the legal challenge
to the repatriation order be unsuccessful, the addition will also cover
reasonable relocation costs of repatriation, including moving expenses,
travel fees and unpaid school fees, for the executives and their direct
family members.
The cover will be added at no additional cost and with no deductible.
Anthony Baldwin, Chief Executive Officer of AIG Europe Ltd. and AIG UK
said:
“At AIG we are committed to innovating for our clients to support them
during periods of uncertainty. While the outcome of the discussions
between the UK and the EU are unknown, this addition to existing
contracts, which will be implemented at no additional cost, will give
our clients peace of mind during a period of potential change.”
American International Group, Inc. (AIG) is a leading global insurance
organization. Founded in 1919, today we provide a wide range of property
casualty insurance, life insurance, retirement products, mortgage
insurance and other financial services to customers in more than 100
countries and jurisdictions. Our diverse offerings include products and
services that help businesses and individuals protect their assets,
manage risks and provide for retirement security. 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
and www.aig.com/strategyupdate
| YouTube: www.youtube.com/aig
| Twitter: @AIGinsurance | LinkedIn: http://www.linkedin.com/company/aig.
These references with additional information about AIG have been
provided as a convenience, and the information contained on such
websites is not incorporated by reference into this press release.
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.
All products and services are written or provided by subsidiaries or
affiliates of American International Group, Inc. Products or services
may not be available in all countries, and coverage is subject to actual
policy language. Non-insurance products and services may be provided by
independent third parties. Certain property-casualty coverages may be
provided by a surplus lines insurer. Surplus lines insurers do not
generally participate in state guaranty funds, and insureds are
therefore not protected by such funds.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160728006071/en/
Source: American International Group, Inc.
American International Group, Inc.
Media:
Nicola Ratchford,
+44 (0) 203-217-1789
nicola.ratchford@aig.com
or
Matt
Gallagher, 212-458-3247
matthew.gallagher2@aig.com
or
Investors:
Liz
Werner, 212-770-7074
elizabeth.werner@aig.com