In response to strong demand for alternative risk financing programs, particularly from small and midsize companies globally, American International Group Inc. on Friday announced the launch of Grand Isle SAC Ltd.
Bermuda-domiciled Grand Isle allows customers to establish segregated accounts in an AIG-sponsored captive to gain access to the captive’s capital, insurance license and underwriting capabilities in order to retain and manage risk without the costs of starting and operating their own standalone captives.
AIG Captive Management Services in Bermuda manages the regulatory requirements, financial reporting and administrative functions for all customers participating in Grand Isle.
“Grand Isle furthers AIG’s active participation and involvement in Bermuda’s captive insurance market,” said Bob Gagliardi, head of AIG’s worldwide captive management operations. “We see Grand Isle strengthening AIG’s commitment to our captive clients and to one of the most important captive markets in the world.”