5
The number of years recently passed House legislation would reauthorize the National Flood Insurance Program. The measure aims to update the nation’s flood insurance program through 2013, give homeowners the option of purchasing windstorm coverage as part of their flood policy, improve flood mapping, eliminate some rate subsidies, and add business interruption coverage as an option. If the bill reaches President George W. Bush’s desk, the White House said the president will veto the bill.
11%
Estimated workforce reduction American International Group Inc. plans as a consequence of its merger with 21st Century Insurance Group. As part of the merger, AIG acquired 39.3 percent of 21st Century shares for approximately $813 million. Integration of the companies has begun and will extend through 2008, the company said. The combined organization will be named aigdirect.com and will be headquartered in Wilmington, Del., and Woodland Hills, Calif.
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