ALICO JAPAN GETS $854M INJECTION FROM AIG

The Japanese unit of US-based insurer AIG, Alico Japan, has received a capital injection worth$854 million from its parent in a bid to shore up the insurer’s finances. A vast proportion of Alico Japan’s capital base consists of AIG stock which has plunged in value following the US government’s bailout of its largest insurer. Alico Japan had already recorded a loss of more than $1 billion for the second quarter of 2008 and is expected to suffer further losses for the third quarter.