|AIG COMPLETES ACQUISITION OF HSB GROUP, INC.|
NEW YORK, November 22, 2000 - American International Group, Inc. (AIG) today announced that AIG has completed its acquisition of 100 percent of the outstanding stock of HSB Group, Inc. (HSB).|
HSB shareholders will receive 0.4178 of a share of AIG common stock in exchange for each share of HSB common stock. This exchange ratio represents $41.00 in value of AIG common stock based on an average of AIG's recent stock prices, determined in accordance with the acquisition agreement.
HSB's principal subsidiary, The Hartford Steam Boiler Inspection and Insurance Company, will keep its name and maintain its principal offices in Hartford, Connecticut.
AIG is the leading U.S.-based international insurance and financial services organization and the largest underwriter of commercial and industrial insurance in the United States. Its member companies write a wide range of commercial and personal insurance products through a variety of distribution channels in approximately 130 countries and jurisdictions throughout the world. AIG's global businesses also include financial services and asset management, including aircraft leasing, financial products, trading and market making, consumer finance, institutional, retail and direct investment fund asset management, real estate investment management, and retirement savings products. American International Group, Inc.'s common stock is listed on the New York Stock Exchange, as well as the stock exchanges in London, Paris, Switzerland and Tokyo.