Insurance giant AIG is bailed out - again
www.moneynews.co.uk > General finance > Insurance giant AIG is bailed out - again
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Money News |
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Insurance giant AIG is bailed out - again
Mon 10th Nov 2008
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AIG, formerly the world's largest insurance broker, is to receive an additional $40 billion (£26 billion) in funds from the US government's $700 billion banking rescue package.
It is hoped that the move will stabilise the insurance giant and stave off collapse, bringing benefits to those who hold insurance policies with AIG.
The announcement comes after the broker reported third quarter losses of $24.5 billion.
US government officials said that the move was intended to "keep the company strong and facilitate its ability to complete its restructuring process successfully", according to the BBC.
The news could be good for insurance companies worldwide and lead to lower insurance premiums for UK.
It could also be good news for fans of Manchester United, as AIG is the club's major sponsor.
Related News : General finance |
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Related News : Insurance |
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