NEW YORK--Jul. 27, 2009--
American International Group, Inc. (AIG) today announced that it has
formed the special purpose vehicle (SPV) into which it intends to
contribute the equity of AIU Holdings (AIU Holdings, Inc. and AIU
Holdings LLC, collectively “AIU Holdings” or the “Company”), subject to
receipt of applicable regulatory approvals.
As previously announced on April 21, 2009, the SPV will consist of AIU
Holdings’ Commercial Insurance, Foreign General Insurance, and Private
Client Group businesses. Additionally, AIG announced the appointment of
Kristian P. Moor as President and Chief Executive Officer of the Company.
“We are pleased to recognize Kris for his leadership accomplishments. He
and the AIU Holdings senior management team are among the most
experienced executives in the insurance industry,” said Edward Liddy,
Chairman and Chief Executive Officer of AIG. “The SPV formation is an
important milestone in our effort to enhance the value of our
industry-leading property casualty and general insurance businesses for
the benefit of all stakeholders. The businesses that comprise AIU
Holdings are well-capitalized with a track record of success due to
their innovation, customer service, and global reach.”
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.
Source: American International Group, Inc.
American International Group, Inc.
Christina Pretto (News Media)
Watson (Investment Community)