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AIG'S JOINT VENTURE INSURANCE COMPANY IN ISRAEL RECEIVES LICENSE TO MARKET COMMERCIAL PROPERTY-CASUALTY INSURANCE

AIG'S JOINT VENTURE INSURANCE COMPANY IN ISRAEL RECEIVES LICENSE TO MARKET COMMERCIAL PROPERTY-CASUALTY INSURANCE

NEW YORK, January 17, 2001 - American International Group, Inc. (AIG) has announced that its joint venture insurance company in Israel, AIG Golden Insurance Ltd. (AIG Golden), has been granted licenses to market commercial property-casualty insurance lines, including directors and officers, professional indemnity, third party, product liability, and employers liability and crime and embezzlement insurance.
The newly authorized AIG Golden commercial lines insurance products will be distributed through local independent agencies in Israel.

AIG Executive Vice President Martin J. Sullivan said, "This new license to market commercial property-casualty insurance in Israel is a significant expansion and permits AIG Golden to offer a broad range of insurance coverages and services to Israeli commercial enterprises. We are pleased to receive this authorization from the Insurance Commissioner and the opportunity to bring to Israel the specialized commercial property-casualty products for which AIG is well known."

AIG Golden is a joint venture formed in 1996 between AIG and Aurec Group, a leading Israeli communications, media and information services company. AIG Golden has offered consumer property-casualty insurance products in Israel since 1997, with an emphasis on direct distribution. These consumer lines now include automobile insurance; comprehensive homeowners insurance; employees and third party liability insurance; personal accident; hospitalization; and comprehensive life insurance.

AIG member company United Guaranty Corporation has a majority ownership in Ezer Mortgage Insurance Company Ltd. (EMI), the first mortgage insurance company established in Israel.

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.

The Aurec Group is a leading provider of communications, media and information services. It is jointly owned by the Morris Kahn group and the U.S. telecommunications company SBC Communications Inc.