|AIG GLOBAL TRADE & POLITICAL RISK INSURANCE COMPANY ADMITTED TO MEMBERSHIP IN THE BERNE UNION|
NEW YORK, June 23, 1999 – American International Group, Inc. (AIG) has announced that its member company, AIG Global Trade & Political Risk Insurance Company (AIG Global), has been admitted to the International Union of Credit and Investment Insurers, known as the Berne Union. Based in London, the Berne Union is comprised of 42 members and five observers from 37 countries and one multilateral institution. The mission of the Berne Union is to work for international acceptance of sound principles of export credit and investment insurance. AIG Global President John J. Salinger said, “AIG has been a pioneer in trade credit and investment insurance for many years. Globalization has created new risks, challenges and opportunities and generated a growing demand for political risk insurance. More cooperation between government-linked and private insurers will serve our clients well. We are pleased to be elected to membership in the Berne Union.”
Anne van't Veer, Secretary General of the Berne Union, said, “The Berne Union is a dynamic organization in a rapidly changing world. The admission of AIG is symbolic of the growing necessity for government-linked insurers and export credit agencies to work closely with the private sector. We welcome AIG into the family of the Berne Union."
AIG Global Trade & Political Risk Insurance Company provides political risk insurance coverages, including confiscation, expropriation, and nationalization risk; payment or currency inconvertibility risk; contract repudiation; and wrongful calling of bonds. Trade Credit Insurance coverages include comprehensive export credit insurance; insolvency risk insurance; credit risk insurance; and worldwide receivable assurance protection.
AIG is the leading U.S.-based international insurance organization and the largest underwriter of commercial and industrial insurance in the United States. Its member companies write property, casualty, marine, life and financial lines insurance in approximately 130 countries and jurisdictions, and are engaged in a range of financial services and investment management 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.