|AIG SUBSIDIARY TO ESTABLISH MEDICAL EXCESS LLC TO PROVIDE EMPLOYER STOP LOSS COVERAGE|
NEW YORK, Aug 7, 2002 -- American International Group, Inc. (AIG) has announced that its subsidiary Risk Specialists Companies, Inc. has signed a letter of intent to combine the operations of Excess, Inc. with Medical Excess Insurance Services, Inc. (MEIS).
Headquartered in Costa Mesa, California, MEIS performs underwriting services for Employer Stop Loss coverage provided by AIG member companies. Excess, Inc. is an independent Medical Stop Loss underwriter, based in Grass Valley, California. The combined companies will be named Medical Excess LLC.
Both MEIS and Excess have managed successful underwriting operations specializing in Employer Stop Loss health benefits for self-funded groups. "We are fortunate to bring the considerable stop loss expertise and management experience of Excess, Inc. into Medical Excess," said Kevin H. Kelley, AIG Senior Vice President, Domestic General Insurance. "Our number one objective is to provide an unmatched level of service to the purchasers of our products as well as to TPAs and brokers." Mr. Kelley will serve as Chairman of Medical Excess.
In addition to its Employer Stop Loss line, Medical Excess will also manage and market a transplant carve-out product designed for self-funded groups.
John Snyder, who is currently Chief Executive Officer of Excess, Inc., will become President and CEO of Medical Excess. "We are truly excited to become a direct writer in the stop loss and transplant business. I am positive that this new enterprise will be highly competitive and, as such, will offer products and services of significant quality and stability to our existing and new customers alike."
Medical Excess will maintain operations in Costa Mesa, Grass Valley, Indianapolis, and Atlanta.
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