10 March 2014News

AIG launches Bermuda segregated account company

AIG launches a segregated cell captive, Grand Isle SAC, which will extend alternative risk financing facilities to small and medium-sized companies globally.

Bermuda-domiciled, Grand Isle, will enable participants to access AIG’s “established capital, insurance license and underwriting capabilities”, while driving down those costs associated with running their own captive, particularly as regards regulatory requirements.

Grand Isle offers customers the opportunity to establish segregated accounts that will provide coverage across a range of risks including general and professional liability, employee benefits and cyber risk.

Commenting on the new entity, Bob Gagliardi, head of AIG’s worldwide captive management operations says: “Grand Isle furthers AIG’s active participation and involvement in Bermuda’s captive insurance market. We see Grand Isle strengthening AIG’s commitment to our captive clients and to one of the most important captive markets in the world.”