|AIG GENERAL INSURANCE JOINT VENTURE IN INDIA RECEIVES LICENSE|
AIG GENERAL INSURANCE JOINT VENTURE IN INDIA RECEIVES LICENSE
NEW YORK, January 23, 2001 - American International Group, Inc. (AIG) has announced
that its joint venture general insurance company in India, Tata AIG General
Insurance Co. Ltd. (Tata AIG General), has received a license from the Indian
Insurance Regulatory and Development Authority to market commercial and personal
lines property-casualty insurance in India.
AIG Chairman M. R. Greenberg commented, "We are very pleased that the Indian regulatory authorities have granted this license to the Tata AIG general insurance joint venture, marking AIG's return to India after an absence of 30 years. We are proud to be partners with the Tata Group, the leading business and industrial house in India. India presents significant potential for growth as a result of the reforms initiated by the Indian government. AIG is a leader in providing insurance products and services in developing markets worldwide, and India represents a very important addition to our global network."
Tata Sons Chairman, Ratan Tata, said, "Tatas have had a long association with India's insurance sector and we are pleased at the opportunity to participate in its development once again. Our partnership with AIG, a global leader in insurance, will allow us to offer world class products and services to Indian consumers."
Through this joint venture, AIG becomes the first U.S.-based insurance organization granted permission to participate in the general insurance market in India under the newly enacted insurance regulations. A second joint venture, Tata AIG Life Insurance Co. Ltd., has a pending application with the Indian Insurance Regulatory and Development Authority for a license to operate a life insurance company in India.
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 Tata Group is the most respected industrial conglomerate in India, with revenues of more than US $8 billion. The Group has long been a market leader in steel, commercial vehicles, electric power generation in the private sector, and computer software. In recent times it has promoted several new ventures in key areas such as financial services, telecommunications, information technology, auto components, oil field services and process management systems.