The Markets January 12, 2009

Oscilloscope Maker Puts 401(k) Match on Hold

A New York oscilloscope maker is the latest employer to put its 401(k) match on hold as part of a cost-cutting effort.
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A news report in The Journal News said LeCroy Corp. of Chestnut Ridge, New York, announced the match suspension along with the cutting of about 45 jobs and the slashing of management and employee base salaries by 10%.

The moves are part of an $8 million cost-saving drive, which the company says is necessary to prepare for what it fears is a weakening demand for its sophisticated electronic equipment used for the design and testing of computer chips.

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CEO Tom Reslewic told the newspaper LeCroy had not seen a slowdown in sales, but he now expects that to happen. “At the end of the day, what really drives our business is the number of things with chips in them,” he said in the news report. “Things haven’t been so bad until now.”

Products January 12, 2009

AIG Small Business e-Excess Platform Unveils Enhancements

AIG Small Business, a division of AIG Commercial Insurance, said its AIG e-Excess platform now features a premium indication tool and multi-limit quote functionality to help brokers process excess casualty insurance submissions faster.
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AIG e-Excess is a Web-based system for quoting and binding excess casualty coverage for more than 670 eligible SIC classes. According to a press release, the new premium indication tool feature enables brokers to select the “quick quote” option and enter seven quick data points in order to obtain a non-bindable indication. Once the broker is ready to bind, the information can be transferred to the full application. The multi-limit quote option allows brokers to receive a quote for all limit options simultaneously, with a maximum single limit of $10 million.

“Our premium indication tool makes it easy for brokers to quickly obtain a non-bindable indication,” said Brian Inselberg, president, AIG Small Business, in the release. “Its functionality also helps brokers facilitate multi-limit quotes for customers.”

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More information about AIG e-Excess is available by contacting your local AIG Small Business eCommerce Manager or e-mailing aigsbinfo@aig.com.


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