GJIS LTD - Specialist Insurance Services

Credit Crunch

14/11/2008 Concerns grow as US Treasury bails out AIG Insurance Group (November 2008)

The Worlds largest Insurer AIG struggles on after receiving hugh cash injections and loans from the US Treasury. Last month the US government bailed out the insurer with $85bn (£50bn) loan to be paid off over two years at 11.5% which generates interest only payments of $10 billion per year! The Federal Reserve has since given AIG another $37bn.

Their first quarter losses reported in May, of $7.81 billion, followed by the anouncement of the second quarter loss of $5.36 billion puts the interest payments into perspective. It's quite clear that selling and divesting of assets is going to be priority according to the pundits.

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We list below some insurers who currently provide Insurance for Jewellers.

GJIS main supplier of insurance for jewellers is Lloyds of London for the jewellers block policy or Norwich Union for marine and transit risks.

Lloyds of London - A+/Stable/--

Royal SunAlliance - A/Stable/--

Norwich Union - (part of Aviva) - AA-/Stable/--

Hibernian (part of Aviva) - A+/Stable/--

AIG UK Limited - A+/Watch Developments

Great Lakes Reinsurance - (part of Munich Re) - AA-/Stable/--

Zurich Specialities (London) Limited part of Zurich Group - NR/--/--

You can read all about AIG Group by following the links below:

Clients "wary" of AIG say brokers

http://www.insurancetimes.co.uk/story.asp?storycode=374463