|AIG SUBSIDIARY IN AGREEMENT TO PURCHASE LIFE INSURER IN URUGUAY|
|NEW YORK, June 5, 2001 – American International Group, Inc. (AIG) has announced that its subsidiary American Life Insurance Company (ALICO) has entered into an agreement to purchase ITT Hartford Seguros de Vida, S.A., a Uruguayan life insurance company, from affiliates of The Hartford Financial Services Group, Inc. and Grupo Financiero Galicia. The purchase is subject to regulatory approval and other standard closing conditions.|
ALICO has operated in Uruguay since 1997 through Montevideo-based ALICO Compañía de Seguros de Vida S. A. (ALICO Uruguay), which provides individual and group life insurance and personal accident insurance through a network of independent brokers as well as an agency force. AIG's general insurance company in Uruguay, AIG Uruguay Compañía de Seguros, S. A. (AIG Uruguay) was licensed in 1996 to provide a full line of property-casualty insurance products, including personal lines.
“When completed, this acquisition will enhance ALICO's existing operations in Uruguay by broadening our distribution of life insurance products in a country where we see much potential for economic growth. AIG has had a long history in Latin America and the Southern Cone and this addition to our existing presence in the region is representative of our belief in the opportunities presented by these markets,” said R. Kendall Nottingham AIG Executive Vice President, Life Insurance, and ALICO Chairman.
American Life Insurance Company (ALICO), incorporated in Delaware, is one of the largest international life insurance companies in the world, operating in over 50 countries encompassing Japan, Europe, Latin America, the Middle East, Africa, South Asia and the Caribbean. Through a network of approximately 26,000 licensed agents and brokers, ALICO's branches and subsidiaries market an extensive range of life and health insurance products, including traditional life, accident and health, group insurance for large and small organizations, pensions and annuities.
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.