Monday, September 29, 2008

Daily List Of Companies Reporting AIG Exposure

Daily List Of Companies Reporting AIG Exposure


The following is a list of companies who hold or had recently held
equity or debt of American International Group Inc. (AIG). The list, which
runs in reverse order by date of disclosure, will be updated on a daily basis
as companies continue to report their exposure.

Company: American Equity Investment Life Holding Co. (AEL)
AIG exposure: Amortized cost of its investments in AIG and affiliates is
about $5 million and $15 million, respectively.
Date of disclosure: Sept. 26
Notes: The fair value of those securities on Tuesday was $1.3 million and
$10.3 million, respectively, according to an SEC filing. The company
expects to record an other-than-temporary impairment.

Company: FPIC Insurance Group Inc. (FPIC)
AIG exposure: HK$49.9M
Date of disclosure: Sept. 25
Notes: The medical liability insurance company said in a filing with the
Securities and Exchange Commission that it holds securities with an
amortized cost of $2.1 million in American International Group Inc.

Company: South Korea National Pension Service
AIG exposure: Some exposure to AIG.
Date of disclosure: Sept. 25
Notes: South Korea's National Pension Service held $177.71 million worth of
stocks and bonds in Lehman Brothers, Merrill Lynch and AIG as of Sept. 17
and booked losses totaling $107.4 million from such investments, the
Ministry of Health, Welfare and Family Affairs said.

Company: Bank of East Asia Ltd. (0023.HK)
AIG exposure: HK$49.9M
Date of disclosure: Sept. 24
Notes: Bank of East Asia's exposure to Lehman and American International
Group Inc. came to HK$472.7 million in total, or 0.12% of the bank's HK
$396.6 billion total assets.

Company: Allstate Corp. (ALL)
AIG exposure: $100 million par value in fixed-income securities.
Date of disclosure: Sept. 23
Notes: The insurer said the total amount of its investments in Merrill
Lynch & Co, AIG, Bank of America, Goldman Sachs, Lehman Brothers Holdings,
Morgan Stanley, JP Morgan Chase & Co, Washington Mutual Inc.,
Fannie Mae and Freddie Mac is not material and represents approximately 2%
of the company's investments.

Company: Harleysville Group Inc. (HGIC)
AIG exposure: $5 million at par value senior unsecured notes.
Date of disclosure: Sept. 23
Notes: n/a

Company: Paris Re Holdings Ltd. (PRI.FR)
AIG exposure: $7.5 million in senior debt
Date of disclosure: Sept. 22
Notes: n/a

Company: Unitrin Inc. (UTR)
AIG exposure: Value of Unitrin's investments in both Lehman and AIG
securities combined was less than $12 million at June 30, 2008.
Date of disclosure: Sept. 22
Notes: Unitrin said it would recognize investment losses related to certain
investments in Fannie Mae, Freddie Mac, Lehman Brothers Holdings Inc. and
American International Group.

Company: Aegon N.V. (AEG)
AIG exposure: EUR500 million total
Date of disclosure: Sept. 19
Notes: Aegon has bond exposure of EUR189 million to the AIG Holding
Co, as well as EUR311 million to AIG operating companies.

Company: Cigna Corp. (CI)
AIG exposure: Book value of AIG debt investment $30 million.
Date of disclosure: Sept. 19
Notes: Cigna said it has insurance and reinsurance arrangements with
regulated insurance affiliates of AIG with recoverable amounts estimated
at $20 million.

Company: Phoenix Cos (PNX)
AIG exposure: $44.9 million at amortized cost
Date of disclosure: Sept. 19
Notes: n/a

Company: Aetna Inc. (AET)
AIG exposure: $102 million
Date of disclosure: Sept. 18
Notes: The company said it is continuing to assess the recoverability of
its debt-security investments.

Company: CRM Holdings Ltd. (CRMH)
AIG exposure: $1.4M amortized costs from two debt securities
Date of disclosure: Sept. 18
Notes: n/a

Company: Goldman Sachs Dynamic Opportunities (GSDO.LN)
AIG exposure: 'limited and adequately contained'
Date of disclosure: Sept. 18
Notes: The investment manager said it doesn't anticipate that the events
relating to Lehman and AIG will have a material impact on the performance
of the company's underlying investments through direct exposure.

Company: Hartford Financial Services Group Inc. (HIG)
AIG exposure: $8 million in senior debt and $97 million of senior debt
issued by operating units of AIG; $7 million subordinated debt and $35
million of subordinated debt issued by operating units of AIG
Date of disclosure: Sept. 18
Notes: The company also has a $35 million private placement investment in
an AIG affiliate in which the company has a priority claim on a
diversified pool of assets.

Company: National Bank of Abu Dhabi (NBAD.AD)
AIG exposure: Has exposure to the U.A.E. unit of AIG
Date of disclosure: Sept. 18
Notes: The bank has an exposure to a subsidiary of AIG in the U.A.E.,
fully secured by commercial property which is currently fully let, the
company said. It said the rental generated so far from letting the
property has provided NBAD with 150% cover of their exposure.

Company: Old Mutual PLC (OML.LN)
AIG exposure: $237 million at Sept. 15
Date of disclosure: Sept. 18
Notes: Old Mutual U.S. Life has exposure of $76 million to senior debt,
$84 million to Insurance policies, and $77 million to subordinated and
hybrid debt.

Company: Scor SE (SCR.FR)
AIG exposure: EUR18 million
Date of disclosure: Sept. 18
Notes: Scor SE said its AIG exposure is mainly bonds issued by American
General Finance.

Company: Swiss Life Holding (SLHN.VX)
AIG exposure: Below CHF100 million
Date of disclosure: Sept. 18
Notes: Swiss Life said the exposure was before tax and before the policy
holder split. The exposure was held only trough bonds.

Company: Aviva PLC (AV.LN)
AIG exposure: GBP148 million (at face value)
Date of disclosure: Sept. 17
Notes: GBP137 million (93%) of Aviva's exposure is to senior debt, with
small amounts of exposure to subordinated debt and equity, it said. Aviva
also has minimal exposure to insurance, reinsurance and other subsidiary
companies in the AIG group.

Company: Kingsway Financial Services Inc. (KFS.T)
AIG exposure: about $30.25 million U.S. fixed income investments
Date of disclosure: Sept.17
Notes: n/a

Company: Macquarie Group Ltd. (MQG.AU)
AIG exposure: A$33M
Date of disclosure: Sept. 17
Notes: The investment bank said that its AIG exposure was immaterial.

Company: ProAssurance Corp. (PRA)
AIG exposure:$2.8M senior debt
Date of disclosure: Sept. 17
Notes: n/a

Company: Prudential Financial Inc. (PRU)
AIG exposure: Prudential units hold AIG securities at an amortized cost of
$195 million.
Date of disclosure: Sept. 17
Notes: The fair value of the $195 million in securities has fallen by
about 43%, the company said in a Securities and Exchange Commission
filing. The AIG debt held by Prudential, with a fair value of $9 million,
has declined by $7 million during the third quarter. Prudential said it
has sold credit protection in respect of AIG to third parties with a net
national amount of about $55 million.

Company: Reinsurance Group of America Inc. (RGA)
AIG exposure: $31.4 million investment in senior notes and $24.5 million
in subordinated notes.
Date of disclosure: Sept. 17
Notes: Reinsurance Group's funds withheld portfolio includes around $5.8
million in subordinated AIG securities. The trading values indicated were
prior to the U.S. government's announcement that the Federal Reserve will
provide AIG with a 2-year, $85 billion credit facility.

Company: Sun Life Financial Inc. (SLF)
AIG exposure: Bond securities with a par value of $88 million.
Date of disclosure: Sept. 17
Notes: Its holds bond securities with a par value of $188 million at AIG
subsidiary American General, bond securities with a par value of $25
million at subsidiary International Lease Finance Corp. and bond
securities with a par value of $14 million at other subsidiaries.

Company: Suncorp-Metway Ltd. (SUN.AU)
AIG exposure: No material exposure
Date of disclosure: Sept. 17
Notes: n/a

Company: Swiss Reinsurance Co. (RUKN.VX)
AIG exposure: Overall net exposure CHF200M
Date of disclosure: Sept. 17
Notes: n/a

Company: Allianz SE (AZ)
AIG exposure: "Only minor exposure to AIG."
Date of disclosure: Sept. 16
Notes: n/a

Company: Axa SA (AXA)
AIG exposure: proprietary equity interest of 0.02% of AIG's total
outstanding common shares; credit exposure, including credit default
swaps, EUR150 million.
Date of disclosure: Sept. 16
Notes: n/a

Company: Flagstone Reinsurance Holdings Limited (FSR)
AIG exposure: regarding further counterparty and credit exposure, less
than $1 million of net exposure to AIG bonds and receivables.
Date of disclosure: Sept. 16
Notes: n/a

Company: GFI Group Inc. (GFIG)
AIG exposure: direct counterparty exposure to, and accounts receivable due
from AIG "de minimis".
Date of disclosure: Sept. 16
Notes: n/a

Company: Manulife Financial Corp. (MFC)
AIG exposure: Fixed-income investments with a par value of $38 million,
and other securities of $9 million.
Date of disclosure: Sept. 16
Notes: Its exposure to AIG subsidiary American General is $190 million, to
Sun America, $15 million, and to other subsidiaries, $7 million.
Additional exposure, including to derivatives net of collateral, totaled
$115 million.

Company: Munich Re AG (MUV2.XE)
AIG exposure: capital investment exposure "isn't significant.
Date of disclosure: Sept. 16
Notes: The company didn't offer an exact figure regarding its exposure to
AIG.

Company: QBE Insurance Group Ltd. (QBE.AU)
AIG exposure: no direct exposure; indirect exposure to AIG, via
reinsurance recoveries on paid, outstanding and incurred claims, is
"immaterial."
Date of disclosure: Sept. 16
Notes: n/a

Company: Ameriprise Financial Inc. (AMP)
AIG exposure: $118 million in credit exposures, with $105 million in the
form of guaranteed investment contracts issued by AIG's SunAmerica Life
Insurance unit.
Date of disclosure: Sept. 15
Notes: n/a

Company: Genworth Financial Inc. (GNW)
AIG exposure: $47.1 million in AIG Guaranteed Investment Certificates
(GICs), $108.2 million in AIG senior debt, $32.8 million of AIG preferred
stock, $33.1 million in credit default swaps and $800,000 of securities
lending.
Date of disclosure: Sept. 15
Notes: Of senior debt $23.7 million is to the holding company, $84.5
million is in the operating companies. 100% of the preferred stock
exposure is to the operating companies.

CNN

No comments:

Share |