September 17, 2008
In response to ASTA's inquiry regarding the status of AIG Travel Guard, Travel Guard executives have assured that the company's underwriters, members of AIG Commercial Insurance (AIGCI), remain well-capitalized with statutory surplus of $26.7 billion and invested assets exceeding $70 billion. AIG Travel Guard also points out that AIGCI’s capital is protected by regulators, ensuring that policyholders’ interests are paramount and that AIGCI has ample resources to underwrite business and to pay the claims of policyholders and commissions to its distribution partners. In a statement, AIG Travel Guard chairman and CEO John Noel, assured that "independent sources outside of AIG also have confirmed our financial stability" and "It will be business as usual at AIG Travel Guard in the days, months and years to come." On Tuesday, the Federal Reserve announced that it would provide Travel Guard's parent company, American International Group, Inc. (AIG), up to $85 billion in an emergency, two-year loan to help resolve the company's liquidity issues.
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