|AIG'S AMERICAN INTERNATIONAL COMPANIES INTRODUCE INTEGRATED INSURANCE PROGRAM FOR CONSTRUCTION AND OPERATION OF POWER GENERATION FACILITIES|
|NEW YORK, Mar 25, 2002-- American International Group, Inc.
(AIG) has announced that the American International Companies have introduced
AIG PowerBuild(SM), which provides a comprehensive package of insurance products
and services designed for the construction and operational phases of power
"The demand for new power plant construction has become greater and will continue to grow because of deregulation, growing population and increasing consumption," said Louis Iglesias, President of the Construction Risk Management Division of AIG Risk Management, Inc. "Through AIG Powerbuild, the broad product options available from the AIG member companies offer risk managers and brokers a single, efficient, specialized resource for their entire range of power generation risk management needs- from blue print to build-out to ongoing operation."
According to the Annual Energy Outlook 2001 (U.S. Department of Energy, Energy Information Administration) 1,310 new power plants with a total of 393 gigawatts of capacity are projected to be needed by 2020 to meet growing demand and to offset retirements.
AIG PowerBuild addresses this growing need by bringing together the construction and energy industry expertise of the AIG Risk Management Inc.'s Construction Risk Management Division and the AIG Global Energy Division that responds to the specific needs of the oil, gas, utility and mining industries, to provide specialized underwriting, loss control, claims management and account management for power plant builders and developers.
Coverages offered as part of AIG PowerBuild include construction wrap-up (including worker's compensation, general liability, and auto liability), umbrella excess, builder's risk/property, environmental, professional liability and surety. The builder's risk coverage also addresses exposures related to commissioning and operational testing, start-up delays, transit and off-site storage.
AIG PowerBuild also offers comprehensive insurance coverage for an operational facility, including primary casualty, excess casualty, environmental, property, boiler and machinery/equipment breakdown coverage and management liability protection.
For more information on AIG PowerBuild, you can contact your insurance broker, local American International Companies office or contact David Schwartz, AIG Construction Risk Management, at 212/837-3063, e-mail firstname.lastname@example.org; or Tim Kania, AIG Global Energy at 212/770-5943, e-mail email@example.com.
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.
CONTACT: American International Group, Inc. Ned Burke, 212/770-3141