AIG sets up PCC in Guernsey

ST. PETER PORT, Guernsey— A new protected cell company is being formed by American International Group Inc. in Guernsey.

The new insurer, named AIG Insurance (Guernsey) PCC Ltd., will be supported by AIG's local captive management operation, AIG Insurance Management Services (Guernsey) Ltd.

PCCs, which are captive insurers that segregate cell owners to offer them protection against the liabilities of the other participants, originated in Guernsey. The domicile had 68 PCCs with 243 cells at the end of 2006.