<< Back
AIG'S AMERICAN INTERNATIONAL COMPANIES FORM TECHNOLOGY DIVISION

NEW YORK, January 28, 1999 - American International Group, Inc. (AIG) has announced that the American International Companies have formed a Technology Division. The new division will serve as a single source for the high-technology market to access the broad range of insurance and risk management products and services offered by AIG member companies. "The technology industry's rapid growth has made managing traditional risks such as directors and officers and IPO liability a challenge, while creating new risks such as Internet professional liability that are specific to the industry segments," said John Cavoores, President, National Union Fire Insurance Company of Pittsburgh, Pa., an AIG member company. "Insureds can draw on AIG member companies' unparalleled experience in developing innovative products and services to meet the challenges facing technology companies both today and in the future. This new division will provide the entire high-technology market with one-stop shopping for the resources necessary to address risk in this fast-changing field." The division will emphasize a broad range of intellectual property and professional liability coverages, as well as Employment Practices, Directors and Officers (D&O), Fidelity and Surety, pension products, and casualty products. Additionally, the division will have access to a variety of Year 2000 (Y2K) assessment products and a dedicated Loss Mitigation and Mergers and Acquisitions unit.

Phillip Hoyt has joined the American International Companies as Divisional Vice President, and will head the Technology Division. He will be based in San Francisco. Mr. Hoyt possesses over eighteen years of experience in various underwriting and management positions.

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.