Workers expect their defined contribution plans to play a greater role in their retirement income than annuities.
In response to strong demand for alternative risk financing programs, particularly from small and medium-sized companies globally, American International Group, Inc. (AIG) announced it has launched Grand Isle SAC Limited, a Bermuda-domiciled subsidiary.
In a release, AIG said that Grand Isle offers customers the option of establishing segregated accounts in an AIG sponsored captive. Customers gain access to the captive's established capital, insurance license, and underwriting capabilities to retain and manage their risk, without the costs of starting and operating their own standalone captives.
Segregated account companies have been used across all industry segments for a range of coverages, from general and professional liability to employee benefits and cyber risk. A segregated accounts company is considered an option for a company looking to share risk in order to achieve cost savings and flexibility in its insurance program.
AIG Captive Management Services in Bermuda manages the regulatory requirements, financial reporting, and administrative functions for all customers participating in Grand Isle.
"Grand Isle furthers AIG's active participation and involvement in Bermuda's captive insurance market," said. Bob Gagliardi, head of AIG's worldwide captive management operations. "We see Grand Isle strengthening AIG's commitment to our captive clients and to one of the most important captive markets in the world."
American International Group is an international insurance organization serving customers in more than 130 countries. AIG is the marketing name for the worldwide property-casualty, life and retirement, and general insurance operations of American International Group.
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