American International Group (AIG) is facing a EUR50mn ($72mn) net loss from a record EUR360mn transactional liability claim, The Insurance Insider has learned.
Sources told this publication AIG has 100 percent of the primary layer of the placement, equivalent to EUR30mn of the loss, which was written in 2013 by the company’s German operation.
The carrier is also on a secondary excess layer, with an exposure of EUR20mn.
At the time, it is understood AIG did not have reinsurance for…Read more at The Insurance Insider