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NEW YORK, March 18, 1999 - American International Group, Inc. (AIG) announced that it has elected Ernest T. Patrikis Senior Vice President and General Counsel. Mr. Patrikis succeeds Florence A. Davis as General Counsel. Ms. Davis has accepted a position as President of The Starr Foundation. Mr. Patrikis joined AIG in 1998 as Special Adviser to the Chairman on Regulatory Matters. He had previously been First Vice President of the Federal Reserve Bank of New York and the Bank's second ranking officer. He also served as an alternate member of the Federal Open Market Committee, the Federal Reserve's monetary policymaking group. Earlier, he held positions as General Counsel and Executive Vice President at the Bank. Mr. Patrikis had a 30-year career at the New York Fed. He holds a J.D. degree from Cornell Law School and a B.A. degree from the University of Massachusetts. He is a member of the American and New York State Bar Associations and the Association of the Bar of the City of New York.

AIG is the leading U.S.-based international insurance organization and among the largest underwriters of commercial and industrial insurance in the United States. Its member companies write property, casualty, marine, life and financial services insurance in approximately 130 countries and jurisdictions, and are engaged in a range of financial services 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.