|AIG RECEIVES LICENSE TO OPERATE INSURANCE COMPANY IN KAZAKHSTAN|
NEW YORK, July 24, 1998 - American International Group, Inc. (AIG) has announced that its joint venture insurance company, AIG Kazakhstan, has received a license to operate a general insurance company in Kazakhstan. AIG operates the largest and most extensive network established by any foreign insurance company in Central Europe and the C.I.S.
The previously announced joint venture between AIG and the Rakhat Group, a Kazak conglomerate, is now fully operational at 64 Amangeldy Street, Almaty, 480012 Kazakhstan and will initially offer property-casualty insurance products to local and foreign businesses as well as individual consumers in Kazakhstan. Jonathan Starkey serves as General Manager. |
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.
Rakhat Group has an extensive business network in Kazakhstan, including interests in commercial real estate, telecommunications, energy, metals trading and tourism.