AIG trouble doesn't worry Durham
Published: Wed, Sep. 17, 2008 12:30AM
Modified Wed, Sep. 17, 2008 02:03AM
E-Mail
Print
tool name
closeDURHAM -- Officials in Durham scrambled Tuesday to grasp the local implications of the trouble surrounding AIG.
AIG is the parent company of the City of Durham's insurer in the Duke lacrosse case.
"We're in the middle of it," Mayor Bill Bell said Tuesday afternoon. But he said Durham should have nothing to worry about.
More Business
"AIG, if they go belly up, it's not going to trickle down," said Kristin Milam, spokeswoman for the N.C. Department of Insurance.
Even if the parent company declares bankruptcy, as many Wall Street observers were predicting, its insurance divisions could be separated from the rest of the firm and protected, Durham finance director Keith Herrmann said.
"Its commercial insurance group is in OK shape," he said.
Get it all with convenient home delivery of The News & Observer.
The News & Observer is pleased to be able to offer its users the opportunity to make comments and hold conversations online. However, the interactive nature of the internet makes it impracticable for our staff to monitor each and every posting.
Since The News & Observer does not control user submitted statements, we cannot promise that readers will not occasionally find offensive or inaccurate comments posted on our website. In addition, we remind anyone interested in making an online comment that responsibility for statements posted lies with the person submitting the comment, not The News and Observer.
If you find a comment offensive, clicking on the exclamation icon will flag the comment for review by the administrators, we are counting on the good judgment of all our readers to help us.
