UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): July 1, 2021 (
| (Exact name of registrant as specified in its charter) |
(State
or other jurisdiction |
(Commission File Number) | (IRS Employer Identification No.) |
| (Address of principal executive offices) |
Registrant’s
telephone number, including area code: (
Not applicable.
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Section 8 – Other Events
Item 8.01. Other Events.
Extension of the Expiration Time for Tender Offers and Consent Deadline for Solicitations of Consents
On June 29, 2021, American International Group, Inc. (the “Company”) issued a press release announcing the extension of the expiration time of its previously announced cash tender offers for certain debt securities. The Company also announced the extension of the consent deadline of its solicitations of consents for a subset of such debt securities. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated into this Item 8.01 by reference.
Final Results of Cash Tender Offers and Solicitations of Consents
On July 1, 2021, the Company issued a press release announcing the final results as of the extended expiration time of its previously announced cash tender offers and solicitations of consents for certain debt securities. A copy of the press release is attached as Exhibit 99.2 to this Current Report on Form 8-K and is incorporated into this Item 8.01 by reference.
Section 9 — Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits.
| (d) | Exhibits. | |
| 99.1 | Press release of American International Group, Inc., dated June 29, 2021. | |
| 99.2 | Press release of American International Group, Inc., dated July 1, 2021. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
EXHIBIT INDEX
| Exhibit No. | Description | |
| 99.1 | Press release of American International Group, Inc., dated June 29, 2021. | |
| 99.2 | Press release of American International Group, Inc., dated July 1, 2021. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| AMERICAN
INTERNATIONAL GROUP, INC. (Registrant) | |||
| Date: July 1, 2021 | By: | /s/ Rose Marie E. Glazer | |
| Name: | Rose Marie E. Glazer | ||
| Title: | Senior Vice President, Corporate Secretary and Deputy General Counsel | ||
Exhibit 99.1
 |
FOR IMMEDIATE RELEASE |
|
Press Release www.aig.com |
Contacts: Quentin McMillan (Investors): quentin.mcmillan@aig.com Claire Talcott (Media): claire.talcott@aig.com |
AIG Further Extends the Expiration Time for the Tender Offers for all Notes and Consent Solicitations for the SunAmerica Notes
NEW YORK, June 29, 2021 – On May 11, 2021, American International Group, Inc. (NYSE: AIG) announced that it commenced cash tender offers (the “Tender Offers”) and solicitations of consents (the “Consent Solicitations”) for certain outstanding notes.
The Tender Offers and Consent Solicitations are being made pursuant to AIG’s Offer to Purchase and Consent Solicitation Statement for the SunAmerica Notes (as defined below), dated May 11, 2021, and AIG’s Offer to Purchase and Consent Solicitation Statement for the AIG Life Holdings Notes (as defined below), dated May 11, 2021 (each, an “Offer to Purchase and Consent Solicitation Statement”) and the related letters of transmittal, which set forth a more comprehensive description of the terms of each Tender Offer and Consent Solicitation.
AIG today announced that:
| · | it is further extending the period for holders of the SunAmerica Notes to deliver consents until 5:00 p.m., New York City time, on June 30, 2021 (the “Final SunAmerica Consent Expiration Time”); and |
| · | it is further extending the expiration time of the Tender Offers and extending the payment of the Total Consideration to any tenders of notes received on or before 5:00 p.m., New York City time, on June 30, 2021 (the “Final Extended Expiration Time”). |
AIG is extending the deadlines to give holders additional time to tender or consent. In particular, AIG currently requires less than an additional 1% of the aggregate principal amount of the SunAmerica Notes to consent to the proposed amendments to the relevant indenture in order for the Consent Solicitation for those notes to be successful.
AIG does not expect to further extend either deadline beyond 5:00 p.m., New York City time, on June 30, 2021. If the Consent Solicitation is not successful, holders who have consented to the proposed amendments but not tendered the related SunAmerica Notes will not receive the “Consent Payment” of $5 per each $1,000 principal amount of consenting notes accepted by AIG.
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The Tender Offers consist of an offer to purchase any and all of the following series of notes:
| Title | Original Issuer | CUSIP No. | ||
| 7.57% Junior Subordinated Deferrable Interest Debentures, Series A | American General Corporation(1) | 00138GAB5 | ||
| 8 1/8% Junior Subordinated Deferrable Interest Debentures, Series B | American General Corporation(1) | 00138GAC3 | ||
| 7 ½% Notes due 2025 | American General Corporation(1) | 026351AU0 | ||
| 6 5/8% Notes due 2029 | American General Corporation(1) | 026351AZ9 | ||
| 8 ½% Junior Subordinated Debentures due 2030 | American General Corporation(1) | 00138GAA7 | ||
| 8.125% Debentures due 2023 | SunAmerica Inc.(2) | 866930AB6 | ||
| 7.05% Notes due 2025 | SunAmerica Inc.(2) | 86703QBJ9 | ||
| 7.00% Notes due 2026 | SunAmerica Inc.(2) | 86703QBN0 | ||
| 5.60% Debentures due 2097 | SunAmerica Inc.(2) | 866930AG5 |
| (1) | The current obligor for this series of notes is AIG Life Holdings, Inc. (“AIG Life Holdings”), a wholly owned subsidiary of AIG and successor to American General Corporation, and each series of such notes is, as of the date hereof, guaranteed by AIG. Collectively, these series of notes are referred to herein as the “AIG Life Holdings Notes.” |
| (2) | The current obligor for this series of notes is AIG (as successor to SunAmerica Inc.). |
Additionally, the Consent Solicitations consist of solicitation of consents to certain proposed amendments to (i) the indenture under which the four series of notes (referred to as the “SunAmerica Notes”) were originally issued by SunAmerica Inc. and (ii) the indenture under which each of the 7.57% Junior Subordinated Deferrable Interest Debentures, Series A (referred to as the “Series A Notes”) and the 8 1/8% Junior Subordinated Deferrable Interest Debentures, Series B (referred to as the “Series B Notes”), each as set forth in the table above, were issued.
On May 25, 2021, AIG announced:
| · | the successful completion of the Consent Solicitation for the Series B Notes; |
| · | the results of the Tender Offers and Consents Solicitations as of the Early Tender Time; |
| · | the extension of the payment of the Total Consideration to all notes tendered and not withdrawn on or prior to the 11:59 p.m., New York City time, on June 8, 2021 (the “Original Expiration Time”); and |
| · | the extension of the period for holders of Series A Notes and SunAmerica Notes to deliver consents until the Original Expiration Time. |
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AIG subsequently successfully completed the Consent Solicitation for the Series A Notes on June 9, 2021 and extended the Tender Offers and the payment of the Total Consideration to any tenders of notes, as well as the Consent Solicitation for the SunAmerica Notes, on three prior occasions: June 9, 2021, June 16, 2021 and June 23, 2021.
Extension of the Total Consideration for all Notes Tendered Prior to the Final Extended Expiration Time
AIG is extending the expiration time of the Tender Offers and extending the payment of the Total Consideration to all notes that are validly tendered on or before the Final Extended Expiration Time.
Holders must validly tender their notes on or before the Final Extended Expiration Time in order to be eligible to receive the Total Consideration.
Extension of Consent Solicitation for SunAmerica Notes
AIG is also extending the period for holders of the SunAmerica Notes to deliver consents, until the Final SunAmerica Consent Expiration Time.
Holders of SunAmerica Notes may:
| · | tender their SunAmerica Notes and thereby deliver the related consents pursuant to the respective Offer to Purchase and Consent Solicitation Statement on or before the Final Extended Expiration Time and Final SunAmerica Consent Expiration Time; or |
| · | deliver consents without tendering their SunAmerica Notes, pursuant to the respective Offer to Purchase and Consent Solicitation Statement, on or before the Final SunAmerica Consent Expiration Time. |
Holders of SunAmerica Notes that deliver consents without tendering the related notes at or prior to the Final SunAmerica Consent Expiration Time will be eligible to receive a Consent Payment of $5 per each $1,000 principal amount of consenting notes accepted by AIG if the proposed amendments are entered into for such series of notes. Holders of SunAmerica Notes that have previously delivered consents without tendering the related notes at or prior to the Final Extended Expiration Time will be eligible to receive the Consent Payment if the proposed amendments are entered into for such series of notes.
AIG will also continue to pay a soliciting broker fee of $5.00 per $1,000 principal amount of the SunAmerica Notes that are validly tendered and accepted for purchase pursuant to the Tender Offers or for which Consents have been delivered and are accepted by AIG pursuant to the Consent Solicitations to retail brokers that are appropriately designated by their tendering holder clients to receive this fee; provided that such fee will only be paid with respect to tenders by holders whose aggregate principal amount of SunAmerica Notes and/or Consents is $500,000 or less.
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The Tender Offers and Consent Solicitations are subject to the satisfaction of certain conditions. With respect to the Consent Solicitation and Tender Offer for the Series A Notes and Series B Notes and with respect to the Tender Offers for all of the SunAmerica Notes, AIG previously waived the Series A-B Notes Documentation Condition and the Documentation Condition, as applicable (as described in the Offer to Purchase and Consent Solicitation Statements). AIG may terminate or alter any or all of the Tender Offers or SunAmerica Consent Solicitations and is not obligated to accept for payment, purchase or pay for, and may delay the acceptance for payment of, any tendered notes or delivered consents, in each event subject to applicable laws. The Tender Offers are not conditioned on the tender of a minimum principal amount of notes.
AIG has retained Credit Suisse Securities (USA) LLC and J.P. Morgan Securities LLC to serve as dealer managers and consent solicitation agents for the Tender Offers and Consent Solicitations and has retained D.F. King, Inc. to serve as the tender and information agent for the Tender Offers and Consent Solicitations. Requests for documents may be directed to D.F. King, Inc. by telephone at (800) 334-0384 (toll free) or (212) 269-5550 (for banks and brokers) or by email at aig@dfking.com. Questions regarding the Tender Offers and Consent Solicitations may be directed to either Credit Suisse Securities (USA) LLC at (800) 820-1653 (toll-free) or (212) 538-2147 (collect) or J.P. Morgan Securities LLC at (866) 834-4666 (toll free) or (212) 834-4045 (collect).
This press release is neither an offer to purchase, nor a solicitation of an offer to sell the notes or any other securities nor a solicitation of consents. The Tender Offers and Consent Solicitations are made only by and pursuant to the terms of each Offer to Purchase and Consent Solicitation Statement and the related letters of transmittal and only to such persons and in such jurisdictions as is permitted under applicable law. The information in this press release is qualified by reference to each Offer to Purchase and Consent Solicitation Statement and the related letters of transmittal. None of AIG, the dealer managers and consent solicitation agents or the tender and information agent makes any recommendations as to whether holders should tender their notes or deliver consents pursuant to the Tender Offers and Consent Solicitations. Holders must make their own decisions as to whether to tender notes, and, if so, the principal amount of notes to tender, and whether to deliver consents.
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Certain statements in this press release, including those describing the completion of the Tender Offers and Consent Solicitations, constitute forward-looking statements. These statements are not historical facts but instead represent only AIG’s belief regarding future events, many of which, by their nature, are inherently uncertain and outside AIG’s control. It is possible that actual results will differ, possibly materially, from the anticipated results indicated in these statements. Factors that could cause actual results to differ, possibly materially, from those in the forward-looking statements are discussed throughout AIG’s periodic filings with the SEC pursuant to the Securities Exchange Act of 1934.
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American International Group, Inc. (AIG) is a leading global insurance organization. AIG member companies provide a wide range of property casualty insurance, life insurance, retirement solutions, and other financial services to customers in approximately 80 countries and jurisdictions. These 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.
Additional information about AIG can be found at www.aig.com | YouTube: www.youtube.com/aig | Twitter: @AIGinsurance www.twitter.com/AIGinsurance | LinkedIn: 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 jurisdictions, and coverage is subject to underwriting requirements and 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.
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Exhibit 99.2
|
FOR IMMEDIATE RELEASE |
|
Press Release www.aig.com |
Contacts: Quentin McMillan (Investors): quentin.mcmillan@aig.com Claire Talcott (Media): claire.talcott@aig.com |
AIG Announces Final Results of Its Tender Offers for Certain Notes
NEW YORK, July 1, 2021 – Today, American International Group, Inc. (NYSE: AIG) announced the final results of its cash tender offers (the “Tender Offers”) and solicitations of consents (the “Consent Solicitations”) for certain outstanding notes that were commenced on May 11, 2021.
The Tender Offers and Consent Solicitations were made pursuant to AIG’s Offer to Purchase and Consent Solicitation Statement for the SunAmerica Notes (as defined below), dated May 11, 2021, and AIG’s Offer to Purchase and Consent Solicitation Statement for the AIG Life Holdings Notes (as defined below), dated May 11, 2021 (each, an “Offer to Purchase and Consent Solicitation Statement”) and the related letters of transmittal, which set forth a more comprehensive description of the terms of each Tender Offer and Consent Solicitation.
The Tender Offers consisted of an offer to purchase any and all of the following series of notes:
| Title | Original Issuer | CUSIP No. | ||
| 7.57% Junior Subordinated Deferrable Interest Debentures, Series A | American General Corporation(1) | 00138GAB5 | ||
| 8 1/8% Junior Subordinated Deferrable Interest Debentures, Series B | American General Corporation(1) | 00138GAC3 | ||
| 7 ½% Notes due 2025 | American General Corporation(1) | 026351AU0 | ||
| 6 5/8% Notes due 2029 | American General Corporation(1) | 026351AZ9 | ||
| 8 ½% Junior Subordinated Debentures due 2030 | American General Corporation(1) | 00138GAA7 | ||
| 8.125% Debentures due 2023 | SunAmerica Inc.(2) | 866930AB6 | ||
| 7.05% Notes due 2025 | SunAmerica Inc.(2) | 86703QBJ9 | ||
| 7.00% Notes due 2026 | SunAmerica Inc.(2) | 86703QBN0 | ||
| 5.60% Debentures due 2097 | SunAmerica Inc.(2) | 866930AG5 |
| (1) | The current obligor for this series of notes is AIG Life Holdings, Inc. (“AIG Life Holdings”), a wholly owned subsidiary of AIG and successor to American General Corporation, and each series of such notes is, as of the date hereof, guaranteed by AIG. Collectively, these series of notes are referred to herein as the “AIG Life Holdings Notes.” |
| (2) | The current obligor for this series of notes is AIG (as successor to SunAmerica Inc.). |
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Additionally, the Consent Solicitations consisted of solicitation of consents to certain proposed amendments to (i) the indenture under which the four series of notes were originally issued by SunAmerica Inc. (referred to as the “SunAmerica Notes”) and (ii) the indenture under which each of the 7.57% Junior Subordinated Deferrable Interest Debentures, Series A (referred to as the “Series A Notes”) and the 8 1/8% Junior Subordinated Deferrable Interest Debentures, Series B (referred to as the “Series B Notes”), each as set forth in the table above, were issued.
AIG previously announced the successful completion of its Consent Solicitation for the Series A and Series B Notes of AIG Life Holdings, and on June 10, 2021, AIG entered into a supplemental indenture to effect the amendments to the indenture under which the Series A and Series B Notes were issued.
Results of the Tender Offers and Solicitations of Consents as of the Extended Expiration Time and Extended SunAmerica Consent Expiration Time
As previously announced, the extended expiration time for the Tender Offers was 5:00 p.m., New York City time, on June 30, 2021 (the “Extended Expiration Time”), and the extended time for holders of SunAmerica Notes to deliver consents was 5:00 p.m., New York City time, on June 30, 2021 (the “Extended SunAmerica Consent Expiration Time”). AIG will accept for purchase all notes validly tendered in the Tender Offers at or prior to the Extended Expiration Time and not previously accepted for purchase. Holders who validly tendered their notes will receive the Total Consideration set forth in the table below. The Total Consideration will be payable promptly on July 1, 2021 (the “Final Settlement Date”). In addition to the Total Consideration, holders of notes accepted for payment will receive accrued and unpaid interest from the last interest payment date for the notes to, but not including, the Final Settlement Date.
The early participation results of the Tender Offers were previously announced in the press release dated May 25, 2021. On May 26, 2021, AIG purchased $253,596,000 aggregate principal amount of notes, which were validly tendered and not validly withdrawn as of 5:00 p.m., New York City time, on May 24, 2021 in accordance with the Offer to Purchase and Consent Solicitation Statements.
As of the Extended Expiration Time, the principal amount of notes of each series outstanding and validly tendered and the Total Consideration per $1,000 principal amount were as follows:
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| Title | Original Issuer |
Principal Amount Outstanding |
Principal
Amount Tendered |
Percent
of Amount Outstanding Tendered |
Early Tender Payment(1) |
Total Consideration(2) | ||||||
| 7.57% Junior Subordinated Deferrable Interest Debentures, Series A | American General Corporation | $31,465,000 | $0 | 0% | $30 | $1,540.72 | ||||||
| 8 1/8% Junior Subordinated Deferrable Interest Debentures, Series B | American General Corporation | $141,985,000 | $0 | 0% | $30 | $1,630.56 | ||||||
| 7 ½% Notes due 2025 | American General Corporation | $101,465,000 | $217,000 | 0.21% | $30 | $1,250.83 | ||||||
| 6 5/8% Notes due 2029 | American General Corporation | $99,303,000 | $276,000 | 0.28% | $30 | $1,308.06 | ||||||
| 8 ½% Junior Subordinated Debentures due 2030 | American General Corporation | $54,866,000 | $29,000 | 0.05% | $30 | $1,424.77 | ||||||
| 8.125% Debentures due April 28, 2023 | SunAmerica Inc. | $68,585,000 | $6,735,000 | 9.82% | $30 | $1,152.95 | ||||||
| 7.05% Notes due 2025 | SunAmerica Inc. | $12,533,000 | $520,000 | 4.15% | $30 | $1,255.94 | ||||||
| 7.00% Notes due 2026 | SunAmerica Inc. | $8,299,000 | $420,000 | 5.06% | $30 | $1,262.08 | ||||||
| 5.60% Debentures due 2097 | SunAmerica Inc. | $2,167,000 | $43,000 | 1.98% | $30 | $1,375.60 |
| (1) | Per $1,000 principal amount of notes tendered and accepted for purchase. With respect to the Series A Notes, the Series B Notes and the SunAmerica Notes, the Early Tender Payment includes the payment of a consent fee to holders that delivered tenders and accompanying consents. The Early Tender Payment is included in Total Consideration. |
| (2) | Per $1,000 principal amount of notes tendered and accepted for purchase, based upon a Reference Yield determined as of 2:00 p.m., New York City time, on May 24, 2021; excludes accrued and unpaid interest; assumes settlement on May 26, 2021. |
Additionally, AIG announced that it will not accept consents delivered by holders of SunAmerica Notes without tendering the related notes in the previously announced Consent Solicitation. Holders of SunAmerica Notes who delivered consents without tendering the related notes will not receive a “Consent Payment” of $5 per each $1,000 principal amount of consenting notes.
The Tender Offers and Consent Solicitations are subject to the satisfaction of certain conditions. With respect to the Tender Offers for the Series A and Series B Notes and the SunAmerica Notes, AIG has waived Series A-B Notes Documentation Condition and the Documentation Condition, as applicable (as described in the Offer to Purchase and Consent Solicitation Statements). AIG is not obligated to accept for payment, purchase or pay for, and may delay the acceptance for payment of, any tendered notes or delivered consents, in each event subject to applicable laws.
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AIG retained Credit Suisse Securities (USA) LLC and J.P. Morgan Securities LLC to serve as dealer managers and consent solicitation agents for the Tender Offers and Consent Solicitations and retained D.F. King, Inc. to serve as the tender and information agent for the Tender Offers and Consent Solicitations. Requests for documents may be directed to D.F. King, Inc. by telephone at (800) 334-0384 (toll free) or (212) 269-5550 (for banks and brokers) or by email at aig@dfking.com. Questions regarding the Tender Offers and Consent Solicitations may be directed to either Credit Suisse Securities (USA) LLC at (800) 820-1653 (toll-free) or (212) 538-2147 (collect) or J.P. Morgan Securities LLC at (866) 834-4666 (toll free) or (212) 834-4045 (collect).
This press release is neither an offer to purchase, nor a solicitation of an offer to sell the notes or any other securities nor a solicitation of consents. The Tender Offers and Consent Solicitations were made only by and pursuant to the terms of each Offer to Purchase and Consent Solicitation Statement and the related letters of transmittal and only to such persons and in such jurisdictions as is permitted under applicable law. The information in this press release is qualified by reference to each Offer to Purchase and Consent Solicitation Statement and the related letters of transmittal.
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Certain statements in this press release, including those describing the completion of the Tender Offers and Consent Solicitations, constitute forward-looking statements. These statements are not historical facts but instead represent only AIG’s belief regarding future events, many of which, by their nature, are inherently uncertain and outside AIG’s control. It is possible that actual results will differ, possibly materially, from the anticipated results indicated in these statements. Factors that could cause actual results to differ, possibly materially, from those in the forward-looking statements are discussed throughout AIG’s periodic filings with the SEC pursuant to the Securities Exchange Act of 1934.
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American International Group, Inc. (AIG) is a leading global insurance organization. AIG member companies provide a wide range of property casualty insurance, life insurance, retirement solutions, and other financial services to customers in approximately 80 countries and jurisdictions. These 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.
Additional information about AIG can be found at www.aig.com | YouTube: www.youtube.com/aig | Twitter: @AIGinsurance www.twitter.com/AIGinsurance | LinkedIn: 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 jurisdictions, and coverage is subject to underwriting requirements and 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.
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