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21 May 2012

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Chartis strengthens long-tail reserves by $4.1bn

9 February 2011

American International Group's (AIG) property and casualty (re)insurer Chartis has said that it will add $4.1bn to its loss reserves to protect against adverse development in long-tail casualty classes.

And, in order to fund the reserve strengthening exercise, AIG has struck an agreement with the US Treasury to retain $2bn of the cash proceeds from the sale of Japanese subsidiaries AIG Star Life Insurance and AIG Edison Life Insurance.

AIG noted that the arrangement with the Treasury and the use...

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