|AIG FORMS AIG eBUSINESS RISK SOLUTIONS, A NEW DIVISION TO DEVELOP eCOMMERCE RISK PRODUCTS|
NEW YORK, November 13, 2000 - American International Group, Inc. (AIG) has announced the formation of AIG eBusiness Risk Solutions, a division of the American International Companies that will analyze new eCommerce risks and design and deliver insurance solutions for the business-to-business (B2B) market. |
AIG eBusiness Risk Solutions will offer insurance products that address risks including network security, credit, payment, and transit that are inherent in doing business on the Internet. These risk management products will be supported by the products and services of leading technology and information providers.
Gretchen Hayes has been named Division President of AIG eBusiness Risk Solutions. Ms. Hayes, who joined AIG in 1985, is profit center manager for AIG's Trade Credit profit center, a position she will retain. Additionally, Ty Sagalow has been named Executive Vice President of the Division. Mr. Sagalow, who joined AIG in 1983, has held a number of management and legal positions within AIG's Domestic Brokerage Group.
"As eCommerce, especially in the business-to-business segment, continues to emerge as a critical new sector of the economy, participants in this market will require innovative new risk management products and services to facilitate eCommerce transactions. AIG's extensive resources and superior financial strength, together with our disciplined approach to risk evaluation and management, provides us, working with the brokerage community, with a unique opportunity to create solutions to address the risks inherent to eCommerce," said Ms. Hayes.
AIG's eBusiness group headed by Scott Alexander, which supports AIG member companies' efforts to adapt products and services for Internet distribution and leverage Internet technology to broaden distribution and enhance customer service, will work with AIG eBusiness Risk Solutions to identify additional distribution opportunities for the products and services developed by the new division.
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.