AIG Israel emphasizes that it is a completely separate entity from the global group.
"There is connection between the crisis in the US and Israel. AIG Israel's operations are not at risk," AIG Israel CEO Hava Friedman-Shapira told "Globes" in a first comment on the mounting difficulties of the world's largest insurance provider. American Insurance Group Inc. (NYSE: AIG) has has two businesses in Israel - AIG Israel and Ezer Mortgage Insurance Company.
Meanwhile AIG fell 40% at the opening on Wall Street amid worries about the company.
Senior insurance industry sources are confident the troubled state of AIG will not affect its insurance subsidiary, at least in the short-term. This is because AIG Israel is managed separately from AIG and must (and does) meet Israeli requirements for stability.
"There are proven facts regarding our functioning as an independent company. We are independent, a totally separate legal entity, and we operate in accordance with local regulations. AIG Israel is stable company that has a solid business in both insurance and investment management," says Friedman-Shapira.
Published by Globes [online], Israel business news - www.globes-online.com - on September 16, 2008
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