Company and policyholders

Company and policyholders
The Department has set up an AIG hotline to keep New York policyholders informed. A list of Frequently Asked Questions for Consumers is available at the department’s website, Consumers with questions on AIG should call the Department’s AIG hotline at 1-800-339-1759 from 9 a.m. to 8 p.m., Monday though Friday. Insurance department officials including Superintendent Eric Dinallo have been meeting at AIG’s New York offices for the past two days working with AIG and other parties.
“We are working to craft a solution to protect the company and policyholders,” said a person from the New York Insurance Department, who asked not to be named.
AIG, which has been hit by $18 billion in losses over the past three quarters from guarantees it wrote on mortgage derivatives, was hit on Friday by Standard & Poor’s putting the company’s credit ratings on negative watch, indicating a possible downgrade. Ratings downgrades could force it to post up to $14.5 billion more in collateral.
The insurer is pursuing a three-part plan, including asset sales, shifting regulated capital from the insurance operations to the holding company, and thirdly, working with private equity investors, said a person familiar with developments.