|AIG IN JOINT VENTURE TO ESTABLISH LITHUANIAN INSURER|
NEW YORK, June 2, 1998 - American International Group, Inc. (AIG) and Pohjola, a leading Finnish insurer, have formed a joint venture insurance company in Lithuania with their Estonian affiliate Seesam International Insurance Company, Ltd. (Seesam). The new company, based in Vilnius, will be known as UADB Seesam, and is licensed to sell all lines of non-life insurance in Lithuania to foreign and local companies as well as to individuals. |
AIG and Pohjola each own 45 percent of the stock in UADB Seesam and Seesam owns the remaining 10 percent. In 1991 AIG and Pohjola formed Seesam International and in 1993 all three companies formed a joint venture insurance company in Latvia, Seesam Latvia.
"This acquisition is an important addition to AIG's existing network in Estonia and Latvia, establishing for AIG a complete presence in the Baltics," said Martin J. Sullivan, AIG Senior Vice President, Foreign General Insurance. "AIG is well positioned in the region to seize opportunities as these emerging markets continue to develop, and we look forward to working with Pohjola to realize the potential in the region."
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.