No adverse impact on Alico's operations in Bangladesh
Thursday, 18 September 2008
Syed Ishtiaque Reza
American Life Insurance Company Limited (Alico), Bangladesh expressed a sigh of relief as the US Federal Reserve Bank announced an $ 85 billion bail-out package for the global insurance giant American International Group (AIG).
"As a member of the world's largest and most stable commercial insurer we are happy to hear this news," said Akhlakur Rahman, Chief Operating Officer of the Alico Bangladesh.
The two-year $US85 billion credit facility to AIG will help the company meet its liquidity needs, Mr Akhlak said ruling out any adverse affect on Alico's operation in Bangladesh.
The Federal loan will ensure protection to all AIG policy holders, address concerns of rating agencies and give the company time to sell off assets, he said adding: "We have our business as usual in Bangladesh."
He said Alico Bangladesh's financial position is always very strong and it was strong even when the AIG in the USA was in trouble.
The company's ability to pay claims and commitment to writing challenging risks is undiminished, he added.
Mr. Akhlak said the insurance policies that it has written in Bangladesh are direct obligations of Alico as a company registered in Bangladesh.
Alico Bangladesh recorded a premium income worth Tk 7.11 billion in 2007.
American Life Insurance Company Limited (Alico), Bangladesh expressed a sigh of relief as the US Federal Reserve Bank announced an $ 85 billion bail-out package for the global insurance giant American International Group (AIG).
"As a member of the world's largest and most stable commercial insurer we are happy to hear this news," said Akhlakur Rahman, Chief Operating Officer of the Alico Bangladesh.
The two-year $US85 billion credit facility to AIG will help the company meet its liquidity needs, Mr Akhlak said ruling out any adverse affect on Alico's operation in Bangladesh.
The Federal loan will ensure protection to all AIG policy holders, address concerns of rating agencies and give the company time to sell off assets, he said adding: "We have our business as usual in Bangladesh."
He said Alico Bangladesh's financial position is always very strong and it was strong even when the AIG in the USA was in trouble.
The company's ability to pay claims and commitment to writing challenging risks is undiminished, he added.
Mr. Akhlak said the insurance policies that it has written in Bangladesh are direct obligations of Alico as a company registered in Bangladesh.
Alico Bangladesh recorded a premium income worth Tk 7.11 billion in 2007.