|AIG ANNOUNCES ORGANIZATIONAL AND SENIOR MANAGEMENT INTEGRATION OF AMERICAN GENERAL|
|NEW YORK, September 4, 2001 – American International Group, Inc. (AIG) announced today the senior management team and operational structure resulting from the integration of American General Corporation’s business units into AIG’s operations.|
American General has become a wholly owned subsidiary of AIG. AIG Chairman M.R. Greenberg will serve as Chairman of American General, replacing Robert M. Devlin who has decided to resign. Mr. Devlin will serve as a consultant to AIG.
The domestic life insurance businesses of AIG and American General will be combined under American General and will be led by Rodney O. Martin, Jr., who previously served as Senior Vice Chairman, Financial Services for American General. Mr. Martin will assume the position of President and Chief Executive Officer of the newly realigned American General organization and will report to Mr. Greenberg. Mr. Martin will also work closely with Edmund Tse, AIG Senior Vice Chairman, Life Insurance.
American General Retirement Services will be combined with SunAmerica Inc. to form the industry’s premier asset accumulation franchise. John A. Graf, formerly Senior Vice Chairman, Asset Accumulation for American General, will join SunAmerica as Vice Chairman, reporting to Jay Wintrob, SunAmerica President and Chief Executive Officer.
American General Finance will become part of AIG’s Financial Services Group. Frederick W. Geissinger, Vice Chairman, Consumer Lending for American General, will continue to lead American General Finance in his current role and will report to William N. Dooley, AIG Senior Vice President, Financial Services.
American General Investment Management will become part of AIG Global Investment Group, Inc. Richard W. Scott, formerly Vice Chairman, Investment Management for American General, will join AIG Global Investment Corp. as Senior Managing Director and head of U.S. Fixed Income, reporting to Win J. Neuger, AIG Senior Vice President and Chief Investment Officer.
Commenting on the announcement, Mr. Greenberg said, “We are eager to begin realizing the benefits this combination presents, by capitalizing on our expanded product portfolio, broadened distribution channels and enhanced cross-marketing capabilities. The integration of our organizations will provide the greatest opportunities for growth and success for our shareholders, employees, and business partners.”
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. `