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NEW YORK, June 18, 2001 – American International Group, Inc. (AIG) has announced that it will form, through a subsidiary company, an underwriting syndicate at Lloyd’s. The syndicate will be backed by a £100 million facility.

AIG has assembled a management team, which will be headed by Martin Reith, former Managing Director of Brockbank Syndicate Management, a subsidiary of XL Capital, to form the managing agency for the syndicate, which will be known as Ascot Underwriting Ltd.

Subject to Lloyd’s approval, the new syndicate will underwrite general insurance business beginning with the 2002 Year of Account.

AIG Chairman M. R. Greenberg said, “We have had a presence in the Lloyd’s building for many years. This new syndicate will expand our operations and be an integral part of the Lloyd’s marketplace. AIG’s global network and innovative products and services position us to maximize the opportunities offered by Lloyd’s. We are delighted to be working with the experienced management team of Martin Reith and his associates.”

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AIG is the leading U.S.-based international insurance and financial services organization and the largest underwriter of commercial and industrial insurance in the United States. Its member companies write a wide range of commercial, personal and life insurance products through a variety of distribution channels in approximately 130 countries and jurisdictions throughout the world. AIG’s global businesses also include financial services and asset management, including aircraft leasing, financial products, trading and market making, consumer finance, institutional, retail and direct investment fund asset management, real estate investment management, and retirement savings products. 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.

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