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AIG announces new sponsored captive company in Bermuda


American International Group Inc. has launched a Bermuda-domiciled segregated accounts company, Grand Isle SAC Limited.

New York-based AIG said in a statement that it formed the sponsored captive facility in response to demand for alternative risk financing programs from small and medium-sized companies.

AIG Captive Management Services in Bermuda will manage the regulatory requirements, reporting and administrative functions for customers participating in the Grand Isle facility.

“We see Grand Isle strengthening AIG's commitment to our captive clients and to one of the most important captive markets in the world,” said Bob Gagliardi, head of AIG's worldwide captive management operations, in the statement.