|AIG REALIGNS PROPERTY-CASUALTY OPERATIONS SERVING U.S.-BASED COMPANIES DOING BUSINESS GLOBALLY|
|NEW YORK, May 31, 2000 – American International Group, Inc. (AIG) has announced a realignment in its property-casualty insurance operations designed to serve the needs of U.S.-based companies with international operations more effectively and efficiently. |
The North American Division of American International Underwriters (AIU), which serves the overseas insurance needs of U.S.-based multinationals, has joined the Domestic Brokerage Group (DBG) and been renamed the AIG WorldSource Division. This structure will enable AIG to provide U.S.- based companies, including multinationals, middle-market and smaller corporations, a better coordinated, one-stop shopping source for AIG insurance products and services worldwide.
Additionally, the Foreign Multinational Division of AIG Risk Management, Inc. (AIGRM) will become part of the WorldSource Division, to address the needs of foreign companies with subsidiaries in the United States.
“Corporate insurance needs are changing as many more companies, not only multinationals, conduct business internationally and expand into new and unfamiliar markets overseas,” said Kristian P. Moor, AIG Executive Vice President, Domestic General Insurance. “AIG WorldSource, which was created to meet the worldwide needs of our U.S.-based clients as well as the insurance needs of foreign corporations doing business in the U.S., will introduce new products and services and enable these companies to better capitalize on AIG's global resources. With our unsurpassed portfolio of insurance products and services, no insurance organization is better positioned than AIG to meet the challenges these companies face.”
Gordon Knight has been named President of the AIG WorldSource Division. Mr. Knight, who joined AIG in 1982, was most recently DBG Regional Vice President, Southeast Region, based in Atlanta. Prior to that, Mr. Knight had been President of American International South Insurance Company (AI South), and AIU Vice President, Financial Lines, as well as management positions with AIU in Japan, Hong Kong and with DBG in Atlanta, Houston and New York.
Additionally, Michael Waitkus has been named Executive Vice President of the WorldSource Division. Mr. Waitkus, who joined AIG in 1984, was most recently AIU Vice President, Property. Prior to that, he was Regional Property Manager, Southeast Asia in Hong Kong and earlier served with AIU as a property underwriter in Chicago and New York.
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.