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AIG Global Increases Capacity for Political Risk and Trade Credit Insurance
16-07-2008
AIG Global Increases Capacity for Political Risk and Trade Credit Insurance
NEW YORK, Jul 16, 2008 (BUSINESS WIRE) -- AIG Global Trade & Political Risk Insurance Company (AIG Global) today announced it has increased capacity to support political risk insurance (PRI) policies with limits up to $120 million per risk, from $100 million per risk. The increased capacity is also available in foreign currencies with maximum limits of EUR 75,000,000, GBP 60,000,000 or Yen 12,500,000,000 for any one risk. It also increased per buyer capacity in support of trade credit insurance (TCI) policies to $95 million from $75 million, and its equivalent in Sterling, Euro or Yen.
"Globalized trade and investment flows have resulted in a trend toward larger transactions and diversified risk exposures in a number of currencies," said John Salinger, President, AIG Global. "By responding to their needs, AIG Global is again demonstrating its commitment to remaining at the forefront of meeting our customers' ever more complex coverage requirements."
The new limits are applicable for all classes of PRI. AIG Global's PRI covers a range of political perils that can affect foreign direct investments and assets, project finance, export or import transactions, or cross-border financings to private or sovereign borrowers--whether for working capital, trade related or capital market borrowings. On-shore and local currency risk exposures in emerging countries may also be covered. The higher limits are available for committed, non-cancelable policy periods of up to 15 years, subject to AIG Global's normal underwriting criteria. TCI covers both export and domestic credit risks.
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