Kuwait: Alico reassures clients

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KUWAIT CITY - The management of ALICO in Kuwait would like to reassure its policyholders and partners in Kuwait of the status of their Insurance policies and the strength of our company.

While ALICO's current parent company American International Group, Inc. (AIG) has been affected by the volatility in the financial markets, it is important to understand that ALICO's policyholders are protected and that the Company continues to honor all its commitments to its customers. 

The US$85 billion credit facility provided by the Federal Reserve Bank of New York to AIG to meet its near-term liquidity needs, represents a tremendous vote of confidence by the US Treasury and the US federal government in AIG's ability to repay the loan with some asset sales.

We reassure all policyholders in Kuwait that ALICO's branches and subsidiaries are regulated by the local insurance supervisory authorities in each country where it operates and ALICO satisfies or exceeds local regulatory capital requirements.

ALICO's subsidiaries and branches will continue to pay valid policyholders claims, and remains strong, liquid and well-capitalized. We have strong, well-positioned businesses in diverse markets around the world, and our branches and subsidiaries continue to operate in the normal course to meet obligations to policyholders.

In this context, and in response to some news articles and allegations published locally recently, we would like to stress to our customers that we are solid and that ALICO AIG's Life and General Insurance Divisions did not get any cancellation requests in direct relation to these developments. On the Contrary, We remain focused on the daily execution of our business and continue to provide the highest levels of services to our valued customers.

American Life Insurance Company (ALICO), a subsidiary of American International Group, Inc. (AIG), is one of the largest international life insurance companies in the world. ALICO's branches and subsidiaries market a wide range of life and health insurance products, including traditional, variable universal and credit life insurance, as well as supplemental medical and personal accident products, health and hospitalization insurance, group life, pensions and annuities through a variety of channels.

© Arab Times 2008