AIG expands its credit insurance coverage in the Middle East

American International Group (AIG) is expanding its credit insurance coverage in the Middle East, as it seeks to tap a US$60 million (Dh220.3m) market for insuring trade receivables. The insurer is expanding again five years after it experienced the financial equivalent of a nearly fatal heart attack, when the collapse of the investment bank Lehman Brothers triggered billions of dollars of credit default swaps it could not afford to pay, precipitating a $182 billion bailout by the US government.