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AMERICAN INTERNATIONAL UNDERWRITERS ANNOUNCE SENIOR MANAGEMENT APPOINTMENTS

NEW YORK, Aug 8, 2002 -- American International Underwriters (AIU), the international property-casualty insurance organization of American International Group, Inc. (AIG), has named Julio A. Portalatin President of its Accident & Health Division and Raymond Lee President of its Personal Lines Division.

Mr. Portalatin was previously President of the AIU Personal Lines Division, a position to which he was named in 1996 after serving in Mexico as AIU Latin American Division Regional Vice President. Prior to that, he had served as President and General Manager of AIG Mexico Seguros Interamericana, S.A., AIG's Mexican property-casualty insurance company, and AIU Latin American Division Executive Vice President in New York. Mr. Portalatin joined AIG's Lexington Insurance Company in 1993. He was elected AIG Vice President, Foreign General Insurance in 2001.

Mr. Lee was previously Regional Vice President, Personal Lines of AIU's Far East Region, a position to which he was named in 2000. Prior to that, he served as Regional Vice President, Personal Lines for AIU in Hong Kong, and AIU Vice President, Personal Lines in New York. He joined the Personal Lines Division in 1990.

"Julio Portalatin and Ray Lee are seasoned AIG executives with extensive consumer lines product and distribution knowledge. Under their guidance and leadership both the Accident and Health and Personal Lines profit centers will continue to grow and strengthen, as we further expand and deepen our consumer lines franchises," said Nicholas C. Walsh, AIG Senior Vice President, Foreign General Insurance and President and Chief Executive Officer of American International Underwriters.

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: AIG, New York Ned Burke, 212/770-3141