AIG Uganda will not be closed
THE American Insurance Group-Uganda (AIG-U) will not cease its operations, Alex Wanjohi, the managing director, said in a statement over the weekend.<br>Wanjohi was reacting to media reports alleging that AIG Inc., the mother company of AIG-U, would close its overseas subsidiaries in Kenya, Egypt a
By Vision Reporter
THE American Insurance Group-Uganda (AIG-U) will not cease its operations, Alex Wanjohi, the managing director, said in a statement over the weekend.
Wanjohi was reacting to media reports alleging that AIG Inc., the mother company of AIG-U, would close its overseas subsidiaries in Kenya, Egypt and Uganda.
He explained that any disposals by the mother company do not apply to insurance businesses of which AIG-U is a member.
He added that the Ugandan subsidiary was separately capitalised and regulated under the Insurance Act of Uganda.
This, he said, meant its assets and capital base were protected and cannot be accessed outside the provisions of the Companies and Insurance Acts of Uganda.
“AIG-Uganda is among the most liquid insurance companies in the country, with over 60% of our total assets being held in high-quality the Government securities. We also have time deposits with leading financial institutions within Uganda.
“Our latest audited balance sheet, which has been made public, has the highest amount of free cash of any insurer in Uganda,†he said.
“This points to our ability to respond timely to all valid insurance claims and other business obligations.â€
Wanjohi assured customers and other stakeholders the company was fully operational and would not be affected by the financial problems facing the parent company in the USA.
“On Oct 3, 2008, Edward Liddy, the AIG Inc. chairman and chief executive officer announced that AIG Inc. has decided to refocus the company on its core property and casualty insurance businesses.
“These businesses include AIG Uganda and this position is un-changed,†.
THE American Insurance Group-Uganda (AIG-U) will not cease its operations, Alex Wanjohi, the managing director, said in a statement over the weekend.
Wanjohi was reacting to media reports alleging that AIG Inc., the mother company of AIG-U, would close its overseas subsidiaries in Kenya, Egypt and Uganda.
He explained that any disposals by the mother company do not apply to insurance businesses of which AIG-U is a member.
He added that the Ugandan subsidiary was separately capitalised and regulated under the Insurance Act of Uganda.
This, he said, meant its assets and capital base were protected and cannot be accessed outside the provisions of the Companies and Insurance Acts of Uganda.
“AIG-Uganda is among the most liquid insurance companies in the country, with over 60% of our total assets being held in high-quality the Government securities. We also have time deposits with leading financial institutions within Uganda.
“Our latest audited balance sheet, which has been made public, has the highest amount of free cash of any insurer in Uganda,†he said.
“This points to our ability to respond timely to all valid insurance claims and other business obligations.â€
Wanjohi assured customers and other stakeholders the company was fully operational and would not be affected by the financial problems facing the parent company in the USA.
“On Oct 3, 2008, Edward Liddy, the AIG Inc. chairman and chief executive officer announced that AIG Inc. has decided to refocus the company on its core property and casualty insurance businesses.
“These businesses include AIG Uganda and this position is un-changed,†.