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AIG ANNOUNCES NEW UNIT TO COORDINATE GLOBAL RISK MANAGEMENT AND CAPTIVE CAPABILITIES
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NEW YORK--Feb. 24, 2003--American International Group, Inc. (AIG) has announced the formation of AIG Global Risk Management, established to consolidate the global risk management and captive capabilities of the AIG companies.

Charles H. Dangelo, president of AIG Risk Management, Inc. (AIGRM), AIG 's domestic risk management company, will head the new unit. AIG Global Risk Management will be based in New York, combining the staff and operations of AIGRM with the home-office risk management staff of American International Underwriters Risk Management (AIU Risk Management) and AIG Insurance Management Services, Inc., which forms and manages captives. AIU Risk Management provides risk management services internationally.

"The opportunity to provide creative risk management and captive services has never been greater. AIG Global Risk Management will capitalize on AIG's ability to service today's complex insurance marketplace by combining in one organization the breadth of AIG's risk management and captive services," said Charles Dangelo. "AIG has developed considerable alternative risk transfer and captive management capabilities in both its domestic and international units. We will focus these considerable resources in risk management to bring innovative new products and structures to multiple lines of business on a global basis."

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 (Public Relations)
212/770-3144