|AIG TO PROVIDE PERSONAL INSURANCE PRODUCTS TO MBNA CUSTOMERS|
|NEW YORK, January 13, 1999 - American International Group, Inc. (AIG) has announced that member companies of AIG have signed a letter of intent with MBNA America Bank, N.A. to underwrite automobile, homeowners, and personal umbrella insurance products for MBNA customers.|
The new marketing relationship will begin in the first quarter of 1999, offering AIG auto insurance to MBNA customers nationwide with other AIG insurance products added in the future. Under the terms of the agreement, AIG companies will underwrite the property-casualty insurance products and provide customer and claims service while MBNA will be responsible for marketing AIG insurance products to MBNA customers.
AIG Chairman M.R. Greenberg said "This agreement with MBNA, the largest independent credit card lender in the world, represents a significant opportunity for AIG to increase its personal lines insurance businesses, which have grown rapidly over the past several years through the use of various distribution strategies in many markets. We are pleased to partner with such a respected and successful organization as MBNA in pursuit of this substantial opportunity."
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.
MBNA Corporation, a bank holding company and parent of MBNA America Bank, N.A., a national bank, has $59.7 billion in managed loans. MBNA, the largest independent credit card lender in the world, also provides retail deposit, consumer loan, and insurance products.