Little League to Stick With AIG
I don’t know whether this is good or bad, but it appears they have done extensive research on the matter so I am good with it. This is why we pay our charter fees, so they can figure out important stuff like this.
Excerpt from Little League Letter:
As you may have heard in recent media reports, American International Group (AIG), the company through which Little League International offers liability and accident insurance to local Little Leagues, has experienced significant losses associated with the current worldwide financial condition. Those losses led federal officials recently to authorize taxpayer-backed loans that must be repaid by AIG with a defined period.
Little League International wants to assure local leagues that it has thoroughly reviewed its insurance plans, including those offered to local leagues through AIG. Little League agrees with the position of state insurance officials that the financial issues facing AIG do not affect its strong position in the well-regulated insurance segment.
AIG recently announced its intent to sell a number of attractive businesses to generate sufficient liquidity to help repay the loan balance. At this time, the plan does not include selling AIG’s domestic and international commercial property casualty businesses, which include Lexington Insurance Company and National Union Fire Insurance Company, the specific AIG companies with which Little League contracts for liability and accident insurance, respectively. Even if these companies were sold to a new carrier, the policies would remain in place.
Local Little League policies will continue to be underwritten by AIG for 2009. They will be handled through the Little League International Risk Management Department in Williamsport, as has been the case for decades.
Do you think they should have changed insurers?
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