|LEADING INSURANCE CARRIERS JOIN FORCES TO LAUNCH INNOVATIVE PERSONAL LINES INSURANCE WEB SITE|
LEADING INSURANCE CARRIERS JOIN FORCES TO LAUNCH INNOVATIVE PERSONAL LINES INSURANCE WEB SITE
NEW YORK, February 13, 2001 - American International Group, Inc. (AIG), Kemper
Insurance Companies, and Prudential Insurance Company of America today announced
plans to jointly establish an innovative web-based insurance agency that will
allow consumers to research, buy, and manage their personal lines insurance
Through the Fusura.com site, consumers will be able to choose products from these and other leading insurance carriers through an efficient and personalized process not currently available on the web. The site will feature leading-edge technologies to help consumers define their risk-planning needs, learn about the various product offerings, and access needs analysis tools to determine which products are best for them. In addition, the site will allow consumers to purchase and download insurance policies real-time to their personal computers.
"This venture will provide a new level of customer experience in the eCommerce distribution of personal lines insurance, and will offer leading distributors a complete insurance solution not available elsewhere," said AIG Chairman M.R. Greenberg.
"At Kemper, we recognize there is a growing consumer market of people who want to buy their personal insurance on-line," said Kemper Chairman and CEO David B. Mathis. "This joint venture will provide that market with a comprehensive selection of products and services from the premiere companies in the insurance industry - all at the click of a mouse."
"Prudential's business strategy is founded on the concept of providing anytime-anywhere service to our customers," said Edward M. Rafter, Chairman and CEO, Prudential Property and Casualty Insurance Company. "This new joint venture will give consumers the capability to research insurance options from nationally recognized companies, purchase the right products to meet their financial needs, and make needed policy changes."
The founding companies will each have partial ownership in the new company, which will operate independently from the founding insurance carriers. The senior management team of the new entity is currently being assembled.
The founding companies will continue to operate and develop their respective Web sites, in addition to their participation in this venture.
The transaction is subject to the completion of definitive agreements and the receipt of all necessary approval.
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 Kemper Insurance Companies was formed by James S. Kemper in 1912 to provide workers' compensation insurance for Chicago's lumberyard workers. It has grown to become a leading provider of property/casualty insurance and risk management services with 2000 revenues of approximately $4 billion. It operates countrywide and in many foreign markets. Kemper's Individual and Family group provides products and services that are tailored to meet the personal insurance needs of individuals and families. For more information about Kemper, visit its website at www.kemperinsurance.com.
The Prudential Insurance Company of America, with more than $363 billion in assets under management as of December 31, 1999, is one of the largest life insurance companies in the United States and is among the largest financial services institutions in the world. Prudential serves millions of individual and institutional customers worldwide and offers a variety of products and services, including life insurance, property and casualty insurance, mutual funds, annuities, pension and retirement-related services and administration, asset management, securities brokerage, real estate brokerage franchising and relocation services.