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AIG ELECTS STEVEN J. BENSINGER VICE PRESIDENT AND TREASURER AND NAMES CAROL A. MCFATE SENIOR VICE PRESIDENT, AIG TRADING GROUP

NEW YORK--Oct. 8, 2002--American International Group, Inc. (AIG) has elected Steven J. Bensinger Vice President and Treasurer of AIG. He will report to Howard I. Smith, AIG Vice Chairman, Chief Financial Officer and Chief Administrative Officer.

Mr. Bensinger succeeds Carol A. McFate who, capitalizing on her strong financial background, will become a Senior Vice President of AIG Trading Group Inc. and head its Structured Products Committee. In this role, she will work with all of AIG Trading's business lines to expand its structured products business.

Mr. Bensinger was previously Executive Vice President and Chief Financial Officer of Combined Specialty Group, Inc. (CSG), the underwriting operations of Aon Corporation. Prior to joining CSG he was Executive Vice President of Trenwick Group Ltd. which merged with Chartwell Re Corporation in 1999. Mr. Bensinger joined Chartwell Re in March 1993 as its President. Prior to that he was President of Skandia America Corporation. Mr. Bensinger began his career in 1976 at Coopers & Lybrand in New York, where he was admitted as a partner in 1985.

Mr. Bensinger graduated from New York University's Stern School of Business with a B.S. in Accounting and Computer Applications and Information Systems. He is a Certified Public Accountant and a member of the AICPA and New York State Society of CPAs.

Ms. McFate joined AIG in 1994 as Director of Financial Analysis. She was elected AIG Assistant Treasurer in 1996 and became Treasurer in 1998. Ms. McFate was elected an AIG Vice President in 2000. She has a B.S. in Economics from Juniata College and an M.B.A. from Harvard Business School. She was awarded the designation of Chartered Financial Analyst (CFA) in 1992. 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: Joe Norton, 212/770-3144