• Rockford, Ill.: Modernizing a Century–Old Community Landmark

  • RE3 Focus: Pennoni On Leading Edge of Sub-Slab Depressurization

  • Using GIS To Decipher Large-Scale Remediation Projects

  • Right Place, Right Time

 

AIG Bailout Could Limit ‘Riskier’ Brownfield Redevelopment Deals

It’s been a roller coaster ride for the past several weeks as a substantial number of significant financial institutions have required federal assistance, including American International Group, Inc., the parent company of AIG Commercial Insurance. Developers are understandably nervous about AIG’s willingness to pay claims under existing environmental insurance policies and its appetite for risk going forward. So should you, as a developer, be worried? In a press release issued on September 16, AIG (AIG, Inc.’s subsidiaries including AIGCI and AIG Environmental and are legally distinct entities) said that it was indeed financially sound, and that AIGCI’s capital position had not been diminished by its parent’s financial problems. It said that it had a statutory surplus of almost $27 billion and that its invested assets exceeded $70 billion. The National Association of Insurance Commissioners and a number of individual state insurance commissioners likewise issued press releases assuring the public that…Log In to Read Full Article

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