Statement about AIG Insurance Financial Difficulty (September 2008)
Statement from the designated insurance provider for Rotary Youth Exchange
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CISI/AIG
Statement
Dear
Colleagues:
The
dominant underwriter of CISI is the Insurance Company of the
State of Pennsylvania, a member of the American International
Group (AIG). AIG, the parent company of our underwriter, has
made the news of late as they work through capital issues due
to turmoil in the current financial market.
We
would like to assure all CISI clients that AIG's insurance
companies (16 separate companies including the Insurance
Company of the State of Pennsylvania) are highly regulated and
have a capital position that is independent of the parent
company. It is unlikely that any of the parent company's
efforts to create liquidity will affect the insurance
companies within the AIG group. However, should there be any
negative impact, CISI will stand ready to make quick
adjustments to ensure that our clients receive seamless
support and stability going forward. Read
the statement released by AIG.
We
will send additional emails if further updates are necessary
but should you have any questions, please contact either
myself or your account executive.
Sincerely,
Linda Langin
Senior Vice President
Cultural
Insurance Services
International
203-399-5138
203-399-5596 fax
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