AIG Gets Property and Casualty License in Sri Lanka

American International Group says it has received a license to operate a general insurance company in Sri Lanka. The new company, Hayleys AIG Insurance Company Limited, is a joint venture with the Hayleys Group, Sri Lanka's largest diversified conglomerate.

Hayleys AIG will underwrite a full range of consumer and commercial lines property-casualty insurance products, the parent company says.

Martin Sullivan, AIG executive vice president, Foreign General Insurance, said, "We believe that the market for insurance and financial services in Sri Lanka will present an opportunity for growth as Sri Lanka plays an increasingly important role in the South Asian regional economy. Hayleys' local knowledge and brand recognition, combined with AIG's insurance expertise and global network, positions the company to provide the Sri Lankan market with a broad mix of insurance products and services for both individuals and businesses."