|AIG DOMESTIC BROKERAGE GROUP LAUNCHES AIG REAL ESTATE SOLUTIONS; NEW UNIT TO PROVIDE SPECIALIZED INSURANCE PROGRAMS FOR REAL ESTATE ENTITIES|
NEW YORK--March 28, 2005--The Domestic Brokerage Group of the AIG Companies today announced the formation of AIG Real Estate Solutions(sm), a consolidated unit dedicated to serving the insurance and risk management needs of the real estate sector, including Real Estate Investment Trusts (REITs), fiduciaries and trusts, property management firms, real estate developers and commercial property owners.
"Real estate operations face a broad spectrum of exposures that are unique to their industry," said Kristian P. Moor, AIG Executive Vice President, Domestic General Insurance. "As such, these organizations need insurance products and specialized account support that meet their specific risk management needs. AIG Real Estate Solutions was created with these issues in mind to provide the real estate sector with access to the full range of AIG's insurance offerings and eliminate many of the gaps in coverage that typically result when dealing with multiple carriers."
Dedicated product integration teams have been established throughout the country to facilitate broker communication and provide seamless access to the real estate experts and insurance products provided by the AIG Companies, including*:
AIG's real estate-related network extends well beyond real estate insurance and risk management products. To further support real estate clients, additional AIG member companies can offer a broad range of real estate services and capabilities, including real estate investment, development and management; commercial mortgage lending; active management of commercial mortgage-backed securities and unsecured REIT debt portfolios; affordable housing sponsorship and residential mortgage guaranty insurance.
John Willett of Lexington Insurance Company will serve as Practice Leader for the new organization. Mr.Willett has nearly 20 years of experience in both the property/casualty insurance carrier and insurance brokerage areas. He will report to John Keogh, Senior Executive, AIG Real Estate Solutions and President and Chief Executive Officer, National Union Fire Insurance Company of Pittsburgh, Pa.(R).
"AIG Real Estate Solutions is designed to serve as a single access point for agents and brokers who service the real estate market," said Mr. Keogh. "By creating a unit that serves as a gateway to the coverages and claims management capabilities of the AIG Domestic Brokerage Group, we will be able to streamline the way we interact with real estate clients and help them build a comprehensive tower of insurance that covers their complete risk profile."
For more information about AIG Real Estate Solutions, please contact John Willett, Practice Leader, AIG Real Estate Solutions, at (617) 330-8406 or e-mail AIGRealEstateSolutions@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 and ArcaEx, as well as the stock exchanges in London, Paris, Switzerland and Tokyo.
* AIG Companies refers to the domestic property and casualty insurance subsidiaries of American International Group, Inc. (AIG). Issuance of coverage 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. Non-insurance services may be provided through independent third parties. Coverage may not be available in all jurisdictions.