|AIG ACQUIRES ASCOT|
NEW YORK, Jul 14, 2008 -- American International Group, Inc. (AIG) has acquired, through a subsidiary company, all of the outstanding shareholdings of Ascot Underwriting Holdings Ltd. (Ascot) not currently owned by AIG. Ascot is the managing agency of AIG's Lloyd's Syndicate 1414, approved by Lloyd's in November 2001 to underwrite general insurance business beginning with the 2001 Year of Account. AIG previously held a 40 per cent minority interest in Ascot, and this transaction involved an acceleration of its option to purchase the agency in 2012. Terms were not disclosed.
AIG Executive Vice President Nicholas C. Walsh said, "AIG's partnership with this underwriting syndicate at Lloyd's began in 2001 and has already exceeded expectations. It is an opportune time to accelerate our option to purchase the remaining shares of Ascot to expand AIG's presence in the important Lloyd's market. Martin Reith and his talented associates, who have managed the syndicate so successfully, will continue in their respective roles."
Martin Reith, Chief Executive of Ascot Underwriting Limited, said, "We look forward to expanding our relationship with AIG, with whom we have been a partner since our founding. Ascot has achieved rapid growth to become one of the largest syndicates operating at Lloyd's of London, servicing customers throughout the world from our offices in London, Singapore, Spain and Houston, Texas. Our customers can look forward to comprehensive, high-quality service with the worldwide insurance resources that AIG brings to the table."
American International Group, Inc. (AIG), a world leader in insurance and financial services, is the leading international insurance organization with operations in more than 130 countries and jurisdictions. AIG companies serve commercial, institutional and individual customers through the most extensive worldwide property-casualty and life insurance networks of any insurer. In addition, AIG companies are leading providers of retirement services, financial services and asset management around the world. AIG's common stock is listed on the New York Stock Exchange, as well as the stock exchanges in Ireland and Tokyo.
American International Group, Inc.