|AIG'S AMERICAN INTERNATIONAL UNDERWRITERS' BERMUDA CAPTIVE ADMINISTRATION UNIT MEETS ISO 9001 STANDARDS|
New York, May 13, 1999 - American International Underwriters (AIU), the international property-casualty operation of American International Group, Inc. (AIG) has announced that its global Risk Management Department in Bermuda has been certified as compliant with the ISO 9001 quality system standard. ISO 9001 is a quality assurance model that assists organizations in establishing and maintaining quality management systems that consistently deliver products and services that meet customers' quality requirements.
Administrative services for all AIU captive programs worldwide are centrally managed by the Bermuda Risk Management Department. These services include the coordination of policy issuance worldwide, global reinsurance administration, guarantees of cash flow to client captives from territories where AIU operates, and a wide variety of client reporting requirements.
Conformity with ISO 9001 standards was certified by SGS International Certification Services, Inc., following an in-depth analysis of the Risk Management Department's systems and procedures. The Department was assessed on the quality of internal processes and formal management review of the overall quality assurance system. The analysis covered diverse areas including accounting, data processing, training, communications, and internal auditing.
"Certification of conformity with ISO 9001 standards is a significant accomplishment and the result of our development of the most advanced Captive multinational processing system available, and the dedication and experience of our Bermuda staff," said Martin J. Sullivan, AIG Executive Vice President, Foreign General Insurance and AIU President. "This achievement enhances AIU's position as the premier provider of captive program services, and clearly demonstrates our ongoing commitment to Risk Management clients."
AIU Risk Management maintains offices in New York, Bermuda, London, Paris, and Tokyo. Captive program design and services are coordinated through AIG member company operations worldwide.
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.