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AIG ANNOUNCES EXECUTIVE APPOINTMENTS

NEW YORK, May 7, 2002 -- American International Group, Inc. (AIG) has announced the following executive appointments:

AIG Vice President Nicholas C. Walsh has been named President and Chief Executive Officer of AIU, AIG's international property-casualty insurance organization. Based in New York, he will report to Martin J. Sullivan, AIG co-Chief Operating Officer and AIU Chairman. Previously Mr. Walsh was President of the U.K./Ireland Division of American International Underwriters (AIU) and Managing Director of AIG Europe (U.K.) Limited.

Mr. Walsh joined AIU in 1973 in London, and later served in a succession of management and underwriting positions in Brussels and Vienna before returning to London in 1989 as Managing Director of AIG Europe (U.K.) Limited. In 1993 he was named President of AIG Europe, S.A., AIG's Paris-based Continental European general insurance operation. He was elected an AIG Vice President, Foreign General Insurance in 1995 and named to his current position in 1996.

Kevin Hogan has been named Chief Operating Officer of AIU and will retain his responsibilities as President of AIG's Worldwide Accident and Health Division. Mr. Hogan joined AIG in New York in 1984 and subsequently served as AIU's General Manager in Singapore and Regional Casualty Manager in Hong Kong. He became President of the International Accident and Health Division in 1998, and in 2001 he was elected an AIG Vice President, Foreign General Insurance.

Hamilton C. Da Silva, AIG Vice President, Foreign General Insurance and CEO of the AIG Latin American Region, will now have full responsibility for all of AIG's operations in the region. Mr. Da Silva has served as President of AIU's Latin American Division since 1992. He became an AIG Vice President in 1995 and in 1997 was elected AIU Executive Vice President, which he remains. Prior to 1992, Mr. Da Silva had served 16 years with AIG in Latin America, including executive positions in both Brazil and Chile.

Gustavo Covacevich has been named Deputy CEO, AIG Latin American Region, based in New York. Previously he had responsibility for international pension operations in the AIG life companies.

Daniel Glaser, who had served as Executive Vice President of AIG's Domestic Brokerage Group responsible for Field Operations and Market Segments, will succeed Nicholas Walsh in London as AIU Regional President, U.K./Ireland Division and Managing Director of AIG Europe (U.K.) Limited. Mark Willis, who has been the American International Companies Chicago-based Senior Executive-Midwest, will succeed Mr. Glaser in New York.

Mr. Glaser joined AIG in New York in 2000 as President of the American International Companies Global Energy Division after 18 years insurance brokerage experience at Willis Corroon and Marsh & McLennan. He was elected AIG Vice President, Domestic General Insurance earlier this year. Mr. Willis joined AIG in 1977 with AIG member company New Hampshire Insurance Company, serving in various branch and regional management positions in the Midwest. He was named American International Companies Chicago Regional Vice President in 1992 and American International Companies Senior Executive-Midwest in 1995.

Commenting on these management appointments, AIG Chairman M. R. Greenberg said, "These executives exemplify the tremendous strength and depth of the AIG management team. They have served the organization with distinction and will continue to contribute to the success of AIG in their new positions."

AIG is the world's leading U.S.-based international insurance and financial services organization, the largest underwriter of commercial and industrial insurance in the United States, and among the top-ranked U.S. life insurers. Its member companies write a wide range of general insurance and life insurance products for commercial, institutional and individual customers through a variety of distribution channels in approximately 130 countries and jurisdictions throughout the world. AIG's global businesses also include financial services, retirement savings and asset management. AIG's financial services businesses include aircraft leasing, financial products, trading and market making, and consumer finance. AIG has one of the largest retirement savings businesses in the United States and is a leader in asset management for the individual and institutional markets, with specialized investment management capabilities in equities, fixed income, alternative investments and real estate. AIG'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., New York Joe Norton, 212/770-3144