|AIG ANNOUNCES AGREEMENT TO ACQUIRE 100 PERCENT OWNERSHIP OF SELIC HOLDINGS, LTD. FROM OTHER SHAREHOLDERS|
NEW YORK, January 29, 1998 - American International Group, Inc. (AIG) has announced that it has purchased from the other shareholders of SELIC Holdings, Ltd., for an undisclosed amount, all the outstanding securities of SELIC Holdings that AIG does not already own, amounting to approximately 76 percent of the outstanding shares. The other shareholders are insurance and financial institutions and a small number of private investors. SELIC is a Bermuda corporation whose principal subsidiary, Starr Excess Liability Insurance Company, Ltd. ("Starr Excess"), provides high limits of excess general liability insurance and excess directors and officers insurance. As a result of the transaction, AIG has assumed the capital commitments to Starr Excess originally made by the selling shareholders.|
Commenting on the acquisition, AIG Chairman M.R. Greenberg said, "By acquiring full ownership of Starr Excess, AIG will be able to better position the company to participate in the U.S. market, while it continues as a leading excess carrier in the Bermuda market. Starr Excess will now have access to the full range of AIG's resources, and will be able to develop new products and opportunities in the United States. We fully intend that Starr Excess will continue as an important participant in the Bermuda market through its office in Bermuda."
AIG is the leading U.S.-based international insurance organization and among the largest underwriters of commercial and industrial insurance in the United States. Its member companies write property, casualty, marine, life and financial services insurance in approximately 130 countries and jurisdictions, and are engaged in a range of financial services businesses. 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.