International Law

AIG Turns to Asia-interest Blogs In Media Relations Program

I wasn't quite sure how to handle this one. Incredulous that a friendly AIG media relations exec would even send it my way. (If they haven't gotten this out in Chinese, Malay, Thai, etc., they are not getting through to their customers directly.)

The text clearly shows that AIG is seriously concerned about counter-reaction in Asia to its recent, most fortunate bail-out. I note in passing that Manulife may purchase AIG's Asian operations. The run on the Bank of East Asia spooked a great many, sending thousands of Hong Kong residents running through the streets to their local BEA branch to pull out cash. [See this image. Imagine, as I have done for you previously, the effect of a run on a mainland Chinese branch. Yes, they have occurred in the past. But a spreading panic is a fearful thing.]

Frankly, I have no opinion as to the safety or danger facing those in Asia holding an AIG insurance policy. Hence, one must take this message either at face value or not at all and I so post it in its entirety. Further investigation is encouraged in those affected.

Rich:

I hope this email finds you doing well. I know you and Asiabizblog have covered quite closely the unfolding financial market news this past week and I wanted to quickly send you some new information.

I want to share the facts with you and your blog?s readers about AIG?s strong commitment to Asia - and to all of our insurance policy holders globally.

AIG?s Chairman and CEO Ed Liddy made the company?s position clear when he reaffirmed that our insurance assets are ?sacrosanct.? Take a look at his CNBC interview here:

In addition, The New York State Insurance Department recently released a statement reassuring policy holders about the security of their AIG policies. According to the State of New York Insurance Department, ?AIG?s insurance companies are financially strong and fully able to honor all policyholders' claims.? The link to the press release can be found here:

Yesterday, Joel Ario, the Insurance Commissioner of the Commonwealth of Pennsylvania released a statement declaring that his department?s most recent examination of the AIG Companies that are domiciled in Pennsylvania are financially sound and that policyholders? insurance policies are safe. The link to that press release can be found here:

Additionally, as you most likely have read, AIG has signed a definitive agreement with the Federal Reserve Bank of New York. This important step allows the company to move forward in implementing our strategic initiatives

Finally, I know your readers are following this story literally minute by minute as it unfolds. I?ll continue to post more information in the days and weeks ahead.

Full post as published by Asia Business Intelligence on September 26, 2008 (boomark / email).