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AIG PRIVATE CLIENT GROUP IS LAUNCHED TO PROVIDE CUSTOMIZED RISK MANAGEMENT SOLUTIONS FOR HIGH NET WORTH INDIVIDUALS
NEW YORK, July 10, 2000 – American International Group, Inc. (AIG) has launched the AIG Private Client Group, a division of the American International Companies, to provide customized risk management solutions and services for high net worth individuals.

The AIG Private Client Group offers a customer driven focus and access to insurance coverages* and value-added services that enhance protection and can minimize threats to the personal wealth and safety of high net worth clients and their families.

The AIG Private Client Group's insurance product offerings for high net worth individuals include:

  • Automobile-for the first time, the AIG Auto Insurance Program is available for clients who value the guidance of a professional advisor. This program provides comprehensive coverage that allows clients to choose their own auto repair facility and the ability to obtain replacement parts from the original manufacturer.

  • Homeowners-provides all-risk coverage, including guaranteed replacement costs, for home and contents. Clients will now have the option to settle claims in cash, without any obligation to replace lost items or repair damaged property. This policy is designed for homes with replacement costs of $1 million or more.

  • Private Collections-worldwide coverage for art, jewelry and other fine collectibles, which automatically extends to newly acquired items.

  • Excess Liability-broad coverage with high limits of liability to help protect wealthy families from catastrophic financial losses.

The AIG Private Client Group will also offer access to specialized insurance products such as kidnap and ransom, aviation and watercraft coverage. Furthermore, through AIG's extensive worldwide network, the AIG Private Client Group can provide insurance protection for houses, cars and other personal exposures worldwide.

In addition to a comprehensive portfolio of insurance products, the AIG Private Client Group will offer distinctive risk management services, such as world class home valuation, security, engineering and loss control services, to assess risk and mitigate a potential loss. The group will also provide access to other innovative services including art collection management, pre-employment background checks on domestic staff and travel advice for trips abroad.

“The growth in wealth around the world has created exposures for high net worth individuals that extend beyond traditional insurance coverage,” said Robert M. Sandler, AIG Executive Vice President. “The formation of the AIG Private Client Group combines AIG's global presence and track record in offering innovative risk management solutions with a commitment to customer service and claims resolutions to help wealthy clients and their advisors manage their unique individual risks.”

A key component of the AIG Private Client Group's focus on the individual needs of its clients is its dedicated unit of seasoned professionals with specialized expertise in handling high value claims. These specialists are committed to providing the highest level of service to policyholders.

Ross J. Buchmueller has been appointed President of AIG Private Client Group. Previously, Mr. Buchmueller worked at Chubb & Son Inc. for 12 years, where he most recently served as a Senior Vice President at Chubb Insurance Company of Europe. In this position, he was charged with launching Chubb's personal lines throughout Europe.

The products and services offered through the AIG Private Client Group will be distributed primarily through specialist insurance brokers who cater to high net worth clients.

For more information, contact your insurance broker or the AIG Private Client Group at (212) 770-7942.

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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.

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* The above described coverages may not be available in all states, and the above description thereof is neither a complete description nor a complete list of all terms, conditions and exclusions. Note that certain terms used in the above are defined in the policy. Please see the policy for a complete description of its scope and limitations of coverage. Issuance of coverage is subject to underwriting.