Word: aig
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With over 4,000 agents and 2 million policies in force in Singapore (population 4.6 million), AIG is one of the city's largest insurance operators. Its pervasive presence underscores the global reach of the U.S. financial companies that have been torpedoed by the subprime crisis - and the worldwide consequences of an unfolding crisis of confidence among their customers and business partners. The Monetary Authority of Singapore, the city's financial regulator, stated that the financial resources of AIA currently met its requirements - an attempt to assure the public that there was no reason for panic. But after the failure...
...holds an AIG-linked trust worth roughly $7,000, said if he managed to get inside the insurer's besieged offices - which could take him many more hours - he planned to close out his investment. "There's nothing like cash in your hands," he said. It seems the expression "like money in the bank" has fallen out of favor with a public that is weighing what they stand to lose as the shakeout of financial-industry titans continues. - by Neel Chowdhury
Philip Aee is a patient man. Patient - and very worried. Holding a piece of paper saying he was the 1,600th person in line, the 60-year-old retiree had been waiting for three hours on September 17 outside the offices of AIG's Singapore subsidiary, AIA. The sun beat down on the sunflower-yellow facade of the company's fifty-year-old flagship building in the heart of Singapore's office district, around the corner from AIA's new offices. "I never thought this would happen to AIG," said Aee, shaking his head in amazement...
...well aware of the $85 billion lifeline extended to troubled insurance giant AIG by the U.S. Federal Reserve several hours before. But the news did little to calm his nerves. A day after Asian markets took a beating as investors dumped stocks in the wake of the Lehman Bros. collapse and Merrill Lynch buyout, anxiety over U.S. financial companies was still spreading. By mid-afternoon, a crowd of roughly 150 people still swarmed the entrance of AIA Singapore Ltd., many trying to pull out their funds or cancel their insurance policies. They shrugged off the blistering heat - as well...
...Monetary Authority of Singapore, the government's financial regulator, tried to reassure AIG's customers that there would be no such event. The "financial resources" of AIG's Singapore-based insurance subsidiary currently met its requirements, regulators stated in a press release. But so far, consumers in this global market have been far from comforted. Standing in the crowd on Wednesday, Karen Foo, 29, said she was only dimly aware of the underlying assets in the investment trust her insurance policy is linked to. She was determined to sell at the earliest opportunity. "I'm a little worried," Foo said...