Insurance exposure revealed
Sep 18 2008 by Henryk Zientek, Huddersfield Daily Examiner
BRITAIN’S biggest insurer has revealed the extent of its exposure to US banking groups Lehman Brothers and AIG.
Aviva, which owns Norwich Union, said it had a £148m debt exposure to AIG, which was rescued in a £47.2bn bail-out by the US Government yesterday, and a £270m exposure to Lehman Brothers, the US investment banking group that collapsed on Monday.
Other firms to outline exposure to Lehman included Friends Provident, with £18m debt exposure to Lehman, and Old Mutual, which said its debt exposure to Lehman was “not material”.
