|AIG COMPANIES LAUNCH AIG SPORTS RISK SOLUTIONS FOR AMATEUR ATHLETIC ORGANIZATIONS|
NEW YORK--April 5, 2004--The AIG Companies today launched AIG Sports Risk Solutions(SM), a comprehensive insurance program designed for youth and adult amateur athletic organizations that provide organized sporting events in the United States.
AIG Sports Risk Solutions combines several insurance products into a consolidated offering, including: General liability, Sexual Misconduct liability, Accidental Death and Dismemberment (AD&D), Participant Accident coverage and Directors and Officers (D&O) liability coverage. From this array of coverages, insureds can select the insurance solution that best meets the needs of their specific athletic association.
More than 10 million sports injuries occur each year.(1) As a means to mitigate these risks, AIG Sports Risk Solutions can insure amateur athletic groups against basic safety hazards, as well as more unconventional risks such as verbal harassment and sexual molestation.
"Amateur athletics involve a great deal of risk both on the playing field and off," said Kevin Kelley, Chairman and Chief Executive Officer of Lexington Insurance Company. "Through the breadth and depth of insurance products in the AIG Sports Risk Solutions program, amateur athletic organizations can manage a wide range of risks under a single plan."
General limits of liability are $1 million for each occurrence and $3 million aggregate, and insure against bodily injury, property damage and personal injury arising out of sponsored activities. D&O liability coverage, which protects the personal assets of board members as well as executives at risk for personal liabilities associated with their service to the sports organization, has limits up to $5 million.(a)
For more information about AIG Sports Risk Solutions, please contact Terri Clark at 415.836.7251 or e-mail Sports@aig.com.
American International Group, Inc. (AIG) is the world's leading international insurance and financial services organization, with operations in more than 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.
(a) Insurance is underwritten by member companies of American International Group, Inc., and is subject to underwriting review and approval. The description herein is a summary only. It does not include all terms, conditions and exclusions of the policies described. Please refer to the actual policies for complete details of coverage and exclusions. Coverage may not be available in all states. Non-insurance products may be provided through independent third parties. (1) University of Utah Health Sciences Center. (2003). "Men's Health: Sports Injuries."
CONTACT: American International Group, Inc. Andrew Silver, 212-770-3141 SOURCE: American International Group, Inc.