To Whom It May Concern:
We received this information/press release from the
trades/TravelPulse/TravelGuard and thought it may be of interest to this
newsgroup as well.
Happy sailing...
John Sisker - SHIP-TO-SHORE CRUISE AGENCY (sm)
(714) 536-3850 or toll-free at (800) 724-6644 & (Agency ID: 714.536.3850)
www.shiptoshorecruise.com
September 16, 2008
John Noel, chairman and CEO of AIG Travel Guard, said that despite the fact
that the growing subprime mortgage crisis has sent the government scrambling
to prop up American Insurance Group (AIG), travelers are still covered by
AIG Travel Guard insurance. "AIG is different than other financial
institutions that have been severely impacted by recent developments in the
financial service markets," Noel said in a statement issued Monday. "We have
strong, well-positioned businesses in diverse markets around the world. We
have a deep asset base, with stakeholders' equity of $79.9 billion and
assets of over $1 trillion. And as you know, Travel Guard has been a strong,
dependable partner that has always been there for our travel partners and
their clients. It may be of some comfort to know that independent sources
outside of AIG also have confirmed our financial stability. For example, the
New York State Department of Insurance, which regulates AIG, says we
'continue to meet New York's solvency standards and are able to honor our
policyholder obligations.' An article in today's Wall Street Journal quoted
Standard & Poor's as saying that 'AIG has enough money to pay claims and
post collateral, if needed.'"
Earlier Monday, New York Gov. David Patterson announced that he had cleared
AIG to borrow up to $20 billion from its operating subsidiaries to cover
day-to-day needs. In making the announcement, he stated that AIG still
remains financially sound. "It will be business as usual at AIG Travel Guard
in the days, months and years to come," Noel said. "Rest assured, Travel
Guard will be there when you and your clients need us most. We value our
relationship with you, and thank you for choosing to do business with us."
For more information, visit www.travelguard.com.
Source:
* TravelPulse
* TravelGuard
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