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Daily Insurance Industry News
Tuesday 20th of February 2018
September 18, 2008

Insurers calculate exposure to Lehman Brothers and AIG

by Gill Montia

Story link: Insurers calculate exposure to Lehman Brothers and AIG

Insurers calculate exposure to Lehman Brothers and AIG

As insurance companies take stock after the collapse of Lehman Brothers and the last minute rescue of AIG, estimates of exposures are emerging.

Friends Provident calculates that its exposure to Lehman Brothers is around £18 million but the life and pensions provider expects any loss to fall well short of this amount when taxes and recoveries are taken into account.

Swiss Re has reported an estimated net exposure of £24.9 million to Lehman Brothers and £99.7 million to AIG.

The firm acts as a reinsurer to parts of AIG and also holds investments in securities issued by the group.

In the case of Lehman Brothers, other exposures so far revealed include Aegon at an estimated £211 million and Aviva at £270 million.

Aviva also reported a £148 million exposure to AIG, adding that 93% is in senior debt, giving the group priority over other AIG creditors and its shareholders.

 

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