NU Online News Service, Feb. 10, 2:31 p.m. EST
Fitch Ratings has dropped the financial strength rating of American International Group Inc.’s domestic non-life insurance subsidiaries after AIG had to bolster Chartis reserves by $4.1 billion.
Fitch said the subsidiaries’ ratings were cut to “A” from “A-plus” as the agency views AIG’s “record of adverse development as a significant outlier relative to that of the company’s large commercial insurance lines competitors and to the overall non-life insurance market.”
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