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Oct. 3, 2006 / 11:11 AM

AIG buys marine insurance business

NEW YORK, Oct. 3 (UPI) -- American International Group Inc. has purchased the U.S. ocean marine business of Arch Insurance Co.

Effective Tuesday, the U.S. ocean marine insurance business underwritten by Arch Insurance will be serviced by AIG Global Marine, a division of the property and casualty insurance subsidiaries of AIG. The value of the deal was not revealed.

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"We look forward to the addition of the Arch U.S. marine portfolio to our client base, and to offer those clients the financial strength, worldwide network, superior claims and loss control, and the wide range of products and services that distinguish AIG Global Marine as a market leader," said AIG Global Marine President Richard Decker.

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