In order to offer tailored support to its clients, AIG, the historic leader in Directors’ Liability insurance, is expanding its offer to support directors in the exercise of their function(s), regardless of their industry or company size. With its international presence, technical know-how and recognized expertise in claims management, AIG is improving its insurance solutions to respond to recent market developments.
An insurance solution for all managers
Leader in France in this area for more than 35 years with more than 30,000 contracts in its portfolio, AIG France, which has a team of 35 underwriters dedicated to financial lines and 14 dedicated claims managers, has in-depth knowledge of the needs of managers and a strong ability to innovate.
Thus, AIG France is aimed at all types of companies, from SMEs to large multinational companies with adapted product ranges (from PACK to tailor-made) and bilingual texts (French/English) for companies located in internationally with Corporate Edge. In addition, AIG’s international network allows the insurer to support its customers in many countries.
Insurance adapted to the new needs of managers…
In order to adapt to needs but also to regulatory changes, AIG has supplemented the panel of existing prevention and assistance cover made available to company managers with the following two cover extensions, new to the market:
- ● An extension of guarantees to the “expert fees of the French anti-corruption agency for the implementation of a compliance program to which the subscribing company must submit within the framework of a legal agreement in the public interest ( CJIP)”. This extension is a response to the introduction into French criminal law of a system of judicial settlement for the offenses referred to in the law relating to transparency, the fight against corruption and the modernization of economic life (Loi Sapin II). The extension of AIG bears the costs and fees of the experts appointed by the French Anti-Corruption Agency.
- ● Postponement of the date of cessation of payments. The objective is to strengthen AIG’s support for managers in companies in financial difficulty by covering the costs of consulting incurred as part of an action to postpone the date of cessation of payment. This involves supporting managers upstream of a complaint, in the context of procedures during which their defense is essential to avoid being called into question or
the aggravation of their liability in the event of an action for insufficiency of assets, which remains a major risk for managers. This guarantee supplements the existing panel of guarantees already made available to managers and/or the company in the event of financial difficulty: consulting costs linked to the opening of a judicial liquidation and the Fund for the prevention of the difficulties of the ‘company
… and a response to new market trends.
SPACs (Special Purpose Acquisition Companies / Société d’acquisition à vocation specifice), which are companies with no operational activity whose securities are issued/listed on the stock exchange with a view to a future acquisition or merger in a particular sector and before a fixed deadline, have recently developed in European financial markets, particularly in France. To support this strong trend, AIG France is now making available a new model for the Director’s Responsibility text adapted and offering the following specificities:
- – Insurance coverage until the actual completion of the transaction (acquisition of the target company), which may be up to 24 months maximum, from the effective date of the initial contract.
- – Clauses adapted to the specificities of SPAC-type operations (coverage of potential secondary offers / subsequent offers, effective date, expiry date, etc.)