|AIG ACQUIRES MAJORITY OF FULL LINE INSURER IN EL SALVADOR|
NEW YORK, May 21, 1998 - American International Group, Inc. (AIG) has completed the acquisition of a majority equity interest in Union y Desarrollo, S.A., a Salvadoran life and non-life insurer based in San Salvador. The company is to be renamed AIG-Union y Desarrollo, S.A.|
Martin J. Sullivan, AIG Senior Vice President, Foreign General Insurance, said, "This acquisition marks not only AIG's return to El Salvador but also further expansion in Latin America, where AIG has already the largest office network and underwriting capability of any international insurer. We are pleased, through this association with Union y Desarollo, to bring to El Salvador the underwriting expertise, capacity and innovative insurance products and services for which AIG is renowned."
Francisco R. R. De Sola, President of Union y Desarrollo, S.A., commented, "We are very enthusiastic about this association with AIG since it will help us become more competitive and better able to successfully manage the challenges imposed by globalization, assuring our position as a leader in the Salvadoran insurance market."
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.