Fitch Ratings has assigned an “AA+” insurer financial strength (IFS) rating to AIG MEMSA Insurance Company with a stable outlook.
“Fitch’s rating reflects explicit support in the form of an unconditional and irrevocable insurance obligation guarantee between AIG MEMSA and American International Underwriters Overseas, Ltd. (AIUO),” said the announcement. “AIUO is a wholly owned subsidiary of American International Group, Inc. (AIG). Fitch considers AIUO to be a key component of AIG’s international general insurance platform. Fitch’s rates AIUO’s, as well as numerous other AIG insurance subsidiaries’ insurance financial strength ‘AA+’.”
Fitch indicated the rating “on AIG MEMSA also reflects implicit support derived from AIG’s long history of successfully conducting operations on a world-wide basis, excellent worldwide brands, and strong operating results.
“AIG MEMSA is a recently formed wholly owned subsidiary of AIUO domiciled in the Dubai International Financial Center, United Arab Emirates.”
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