Philam Insurance Co., Inc. will continue to operate as part of the AIG’s foreign general property and casualty operations and will not be part of the sale of the Philam Group of Companies, said Jose L. Cuisia Jr., president and CEO of Philippine American Life and General Insurance Co. (Philamlife).
According to the public announcement made on Oct. 3, 2008, AIG plans to retain its US core property and casualty and foreign general insurance businesses. AIG’s worldwide property and casualty businesses generated approximately $40 billion in revenues in 2007.
“We are pleased with this decision and it confirms that Philam Insurance Co, Inc. will remain part of AIG’s International property and casualty network which is not for divestment. Philam Insurance Co., Inc. is a stand-alone, independently regulated insurance company in the Philippines. The company continues to be financially strong and well capitalized with adequate capital to meet its obligations to clients. We want to reassure all our clients, business partners, brokers and agents that Philam Insurance Co., Inc. remains committed to serving the community needs for property and casualty insurance,” commented Roberto R. Romulo, chairman of Philam Insurance Co.
AIG’s presence in the Philippines dates back to the 1920’s. Today, Philam Insurance Company, Inc., through its offices and representation in Manila, Makati, Cebu, Davao and Quezon City, provide a wide range of general insurance services for individual consumers and businesses including autombile insurance, homeowner’s packages, travel, accident and health insurance, property, third party liability, professional and management liability, marine and more.
Philam Insurance is the property-casualty insurance operations of American International Group (AIG), Inc. in the Philippines. AIG’s property-casualty operations are the most extensive international network of its kind in the world. Through this network, a broad range of products and services are provided to a mix of both business and individual customers.
For over 85 years, AIG has stayed true to its original formula of combining local market knowledge and international experience to deliver unique insurance solutions. Comprised of four major divisions (accident and health, commercial lines, energy, and personal lines), AIG General Insurance operates through a network of wholly-owned companies and agencies that provide insurance to customers and commercial clients in 85 countries and jurisdictions throughout the world including China and India.