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NEW YORK, March 16, 1999 - American International Group, Inc. (AIG) has announced that it has received a license to operate an insurance company in the Republic of Azerbaijan. The new company, AIG Caspian Insurance Company (AIG Caspian), is a joint venture with the Nurgun Group, a leading Azerbaijani trading and financial services conglomerate. AIG Caspian assumes the insurance portfolio of The Caspian Insurance Company, Ltd., and will underwrite a full range of consumer and commercial lines property-casualty insurance. The company is also authorized to provide reinsurance to the local market. Viladi Maniyev, an Azerbaijani national who was previously associated with The Caspian Insurance Company, has been named General Manager. Based in Baku, AIG Caspian is located at Rasulzade 2, Baku 37005.

"AIG Caspian is an important addition to AIG's network of companies in Central Europe and the C.I.S., where AIG already has in place the largest and most extensive network established by any foreign insurance organization in the region," said Martin J. Sullivan, AIG Executive Vice President. "As a developing country and energy-producing nation, Azerbaijan presents real opportunities for growth, and we are pleased to be the first U.S.-based company to receive an insurance license from the Azerbajani authorities."

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.