AIG announces the pan-European launch of its new CorporateGuard D&O policy which responds to important shifts in current risks to Directors and Officers, as well as evolving corporate governance demands.
“In the current regulatory environment, Directors and Officers are facing increased political, regulatory and criminal scrutiny,” says Peter McKenna, Head of Financial Lines, AIG Europe Ltd. “What is novel here is the growing number of investigations of individuals due to whistle-blowing and self-reporting.” The new CorporateGuard, in turn, provides earlier protection by covering such pre-claim inquiries and individual target investigations.
“Further, D&O actions are becoming more ‘personal’ against individual corporate officers,” asserts Mr. McKenna, “as regulators and shareholders are now looking for specific culprits to punish.” The new AIG CorporateGuard now comes to the defence of Directors by providing enhanced reputation coverage, as well as mitigation cover to settle potential civil actions.
As companies expand internationally, D&Os become exposed to new liabilities and unfamiliar corporate governance regimes. The new CorporateGuard provides Directors and Officers peace of mind by providing emergency funding to directors in case their property is confiscated or assets frozen and paying any individual director’s liability for unpaid corporate taxes. Localized D&O policies, as part of the AIG Passport program, ensure that one’s D&O coverage is tailored to local requirements and tap into AIG’s unrivalled international network.Against a background of rising claims against D&Os, AIG will now provide unique “any one claim” reinstatement coverage for certain sectors and jurisdictions. This will ensure that directors and officers will benefit from AIG’s strengths and from the experience of its claims department for every unrelated claim. The new AIG CorporateGuard will be launched across Europe throughout February. Please contact your local Financial Lines Department. Notes to editors American International Group, Inc. (AIG) is a leading international insurance organisation serving customers in more than 130 countries and jurisdictions. AIG companies serve commercial, institutional, and individual customers through one of the most extensive worldwide property-casualty networks of any insurer. In addition, AIG companies are leading providers of life insurance and retirement services in the United States. AIG common stock is listed on the New York Stock Exchange and the Tokyo Stock Exchange.