"The structural change announced by AIG and the US government will not affect the activity of AIG Israel," said AIG Israel Insurance Company CEO Hava Friedman-Shapira. She added, "There has been no change in the business of AIG Israel, because, since the day it was founded, it has operated in the framework of American International Underwriters (AIU), which operates as an independent international division of AIG."
Troubled insurer American International Group Inc. (NYSE: AIG) has converted AIU into an elementary insurance holding company that owns, among other things, AIG Israel. AIG Israel operated as a unit of AIU even before the announcement of AIG's restructuring. "The restructuring that will convert AIG into a holding company will not change our future conduct," said Friedman-Shapira.
Friedman-Shapira continued, "There is no material risk to our policyholders, because insurance policies are directly supervised in an excellent manner by the Supervisor of Capital Markets, Insurance and Savings."
Published by Globes [online], Israel business news - www.globes-online.com - on March 2, 2009
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