Insurer's subsidiaries affirmed with a stable outlook
Fitch Ratings has affirmed insurer American International Group Inc's (AIG) issuer default rating (IDR) at 'AA' and affirmed all of AIG's insurance subsidiaries with a stable outlook, citing AIG's pre-eminent global insurance organization, with excellent worldwide brands and franchises and strong operating results.
Fitch said it also views favourably the diversified nature of the organization's products, distribution systems and geographic reach. This diversification has contributed to AIG's ability to generate stable and predictable historical operating results, the ratings agency said.
Weighed against these positives is AIG's relatively large exposure to the current US residential mortgage crisis, Fitch said.
It added that AIG will not be immune to potential losses from this exposure, though at the present time these losses should be absorbed by the existing capital base and future earnings stream.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
