AIG UK Announces New D&O Coverage for Residency and Repatriation Costs Associated with Brexit
July 28 2016 - 10:28AM
Business Wire
AIG UK, part of global insurer American International Group,
Inc., announces an addition to its Directors’ & Officers’
(D&O) policies that will cover costs not paid for by the
company for: legal challenges in the event of permanent residency
applications being rejected pre Brexit; and the subsequent
challenges to repatriation orders post Brexit.
Executives that are citizens of the EU covered by AIG UK’s
D&O cover whose applications for permanent residency in the UK
are rejected prior to the termination of the United Kingdom’s (UK)
membership of the European Union (EU) will have their legal costs
met to challenge the decision. The addition will also cover legal
costs for UK nationals if their application for permanent residency
in a member state of the EU is rejected.
Although the outcome of discussions between the UK and EU are
unclear, some expats in the UK are already seeking permanent
residency to secure their right to live in the UK.
Separately, the new addition will also cover legal costs for
executives living in the UK and EU to fight a repatriation order as
a result of termination of the UK’s membership in the EU. Should
the legal challenge to the repatriation order be unsuccessful, the
addition will also cover reasonable relocation costs of
repatriation, including moving expenses, travel fees and unpaid
school fees, for the executives and their direct family
members.
The cover will be added at no additional cost and with no
deductible.
Anthony Baldwin, Chief Executive Officer of AIG Europe Ltd. and
AIG UK said:
“At AIG we are committed to innovating for our clients to
support them during periods of uncertainty. While the outcome of
the discussions between the UK and the EU are unknown, this
addition to existing contracts, which will be implemented at no
additional cost, will give our clients peace of mind during a
period of potential change.”
American International Group, Inc. (AIG) is a leading global
insurance organization. Founded in 1919, today we provide a wide
range of property casualty insurance, life insurance, retirement
products, mortgage insurance and other financial services to
customers in more than 100 countries and jurisdictions. Our diverse
offerings include products and services that help businesses and
individuals protect their assets, manage risks and provide for
retirement security. AIG common stock is listed on the New York
Stock Exchange and the Tokyo Stock Exchange.
Additional information about AIG can be found at www.aig.com and
www.aig.com/strategyupdate | YouTube: www.youtube.com/aig |
Twitter: @AIGinsurance | LinkedIn:
http://www.linkedin.com/company/aig. These references with
additional information about AIG have been provided as a
convenience, and the information contained on such websites is not
incorporated by reference into this press release.
AIG is the marketing name for the worldwide property-casualty,
life and retirement, and general insurance operations of American
International Group, Inc. For additional information, please visit
our website at www.aig.com. All products and services are written
or provided by subsidiaries or affiliates of American International
Group, Inc. Products or services may not be available in all
countries, and coverage is subject to actual policy language.
Non-insurance products and services may be provided by independent
third parties. Certain property-casualty coverages may be provided
by a surplus lines insurer. Surplus lines insurers do not generally
participate in state guaranty funds, and insureds are therefore not
protected by such funds.
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version on businesswire.com: http://www.businesswire.com/news/home/20160728006071/en/
American International Group, Inc.Media:Nicola Ratchford, +44
(0) 203-217-1789nicola.ratchford@aig.comorMatt Gallagher,
212-458-3247matthew.gallagher2@aig.comorInvestors:Liz Werner,
212-770-7074elizabeth.werner@aig.com
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