AIG Opens MI Sub in Hong Kong

AIG United Guaranty, Greensboro, N.C., has opened AIG United Guaranty Insurance (Asia) Ltd., a company incorporated and licensed to do business in Hong Kong.AIGUGI provides mortgage guaranty insurance and other financial products to residential mortgage lenders in Hong Kong and other markets in the Asia-Pacific region. "We have substantial expertise and experience in mortgage insurance and are committed to expanding our operations in Hong Kong, Australia, South Korea, Japan, India, and other high-potential markets in the region," said Chris Wei, chief executive of AIGUGI. "The introduction of mortgage insurance and mortgage guaranty products will allow increased homeownership opportunities through greater borrower access to low-downpayment mortgages. We believe this will allow the company to maximize long-term opportunities in the Asia-Pacific region through providing flexible, market-leading mortgage insurance products and services that meet the financial needs of our mortgage lending partners." AIGUGI has received an insurer financial strength rating of AA, with a stable outlook, from Standard & Poor's.