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NEW YORK--Nov. 24, 2003--AIG Private Client Group, a division of the property and casualty insurance subsidiaries of American International Group, Inc. (AIG), today announced the launch of the AIG Private Client Group Auto Program, a new insurance offering designed specifically for owners of collector cars.

Collector cars are typically maintained for use in car club activities, exhibitions, parades or private collections, and are driven with less frequency than everyday vehicles. However, many owners of these vehicles obtain mass-market auto insurance or deal with different carriers for each type of car. With the AIG Private Client Group Auto Program, collectors can purchase insurance that takes limited usage into account during the underwriting process and allows for collector and regular-use vehicles to be covered on one policy.

The AIG Private Client Group Auto Program is currently available in California and New York. Developed for high net worth individuals who own vintage automobiles, the AIG Private Client Auto Program includes:

  • Agreed value provisions: Coverage amount determined at the onset of a policy is locked-in for the entire term;

  • Coverage for specialty vehicles, including motorcycles;

  • Freedom to choose a repair facility if damage occurs; and

  • A single bill for all auto insurance needs.

"Collector cars should not have to be insured as if the owner is driving them every day," said Ross Buchmueller, President, AIG Private Client Group. "With the AIG Private Client Group Auto Program, we recognize that collectors need another coverage option and are offering a policy that specifically serves their needs."

AIG Private Client Group offers innovative insurance products and risk management services that enhance protection and help minimize threats to the personal wealth and safety of high net worth clients and their families. Insurance product offerings, underwritten by member companies of American International Group, Inc., include automobile, homeowners, private collections, excess liability, excess flood, kidnap and ransom, aviation and yacht coverage. In addition to a comprehensive portfolio of products, AIG Private Client Group provides access to art collection management, security and residential services.

For more information, contact your local broker or visit the AIG Private Client Group Web site at www.aigpcg.com.

AIG is the world's leading international insurance and financial services organization, with operations in approximately 130 countries and jurisdictions. AIG member companies serve commercial, institutional and individual customers through the most extensive worldwide property-casualty and life insurance networks of any insurer. In the United States, AIG companies are the largest underwriters of commercial and industrial insurance and AIG American General is a top-ranked life insurer. AIG's global businesses also include financial services, retirement services and asset management. AIG's financial services businesses include aircraft leasing, financial products, trading and market making. AIG's growing global consumer finance business is led in the United States by American General Finance. AIG also has one of the largest U.S. retirement services businesses through AIG SunAmerica and AIG VALIC, 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.

The above described coverage may not be available in all states, and the above description thereof is neither a complete description nor a complete list of all terms, conditions and exclusions. Note that certain terms used above are defined in the policy. Please see the policy for a complete description of its scope and limitations of coverage. Issuance of coverage is subject to underwriting. Insurance is underwritten by member companies of American International Group, Inc. Non-insurance products may be provided through independent third parties.

CONTACT: American International Group, Inc. Andrew Silver, 212-770-3141 Public Relations Manager SOURCE: American International Group, Inc.