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AIG'S AMERICAN INTERNATIONAL COMPANIES INTRODUCE DOMESTIC SPONSORED CAPTIVE PROGRAM LICENSED IN VERMONT

NEW YORK, Jun 21, 2002 -- American International Group, Inc. (AIG) has announced that the American International Companies have introduced a domestic sponsored captive licensed in Vermont, National Union Fire Insurance Company of Vermont, to provide alternative risk management solutions for U.S. exposures.

"The changing economic and insurance market conditions have created new challenges for businesses seeking insurance coverage in the traditional market, increasing demand for alternative risk programs," said Charles Dangelo, AIG Vice President Domestic General Insurance and President of AIG Risk Management, Inc. "Risk managers are being confronted by coverage gaps, shrinking capacity and increased retentions. The Domestic Sponsored Captive Program responds to this environment, offering insureds a solution for filling in their risk management programs and managing their increased retentions. The availability of the Domestic Sponsored Captive Program further positions the American International Companies leadership in providing alternative risk programs."

A sponsored captive program enables clients to fund portions of their risk exposure and may have benefits over a more traditional captive structure.

For more information on the American International Companies Domestic Sponsored Captive, National Union Fire Insurance Company of Vermont, you can contact your insurance broker, local American International Companies office or contact Mike Curio, AIG Risk Management, at 212.458.3085 or email david.schwartz@aig.com.

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 Ned Burke, 212/770-3141