|OLIN L. WETHINGTON JOINS AIG AS CHAIRMAN OF AIG COMPANIES IN CHINA|
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NEW YORK--March 7, 2006--American International Group, Inc. (AIG) has announced that Olin L. Wethington, former Special Envoy on China, U.S. Department of the Treasury, has joined AIG as Chairman of AIG Companies in China, a new position. In this capacity, Mr. Wethington will oversee expansion of AIG's businesses in China. Mr. Wethington will report to AIG Senior Vice Chairman Edmund S.W. Tse, and will work closely with Mr. Tse and with AIG President and Chief Executive Officer Martin J. Sullivan.
Mr. Wethington has extensive experience in government and the private sector involving China. He has served in a variety of senior positions in the U.S. Treasury Department, including Special Envoy on China in 2005; Counselor to the Secretary of the Treasury; and Assistant Secretary for International Affairs. In addition, he was formerly Director, Economic Policy, for the Coalition Provisional Authority in Baghdad, Iraq; Special Assistant to the President and Executive Secretary to the Economic Policy Council, the White House; and Deputy Under Secretary for International Trade, U.S. Department of Commerce. Mr. Wethington was also a partner in the Washington, D.C. law firm of Steptoe & Johnson specializing in corporate and financial transactions, international trade and operations in foreign financial markets. He holds B.A. and M.A. degrees from the University of Pennsylvania in Oriental Studies, and a J.D. degree from Harvard Law School. Mr. Wethington is a member of the Council on Foreign Relations, the author of various publications on financial markets, and recipient of the Alexander Hamilton Award, the highest honor of the U.S. Department of the Treasury.
Commenting on Mr. Wethington's appointment, Mr. Sullivan said, "We are delighted that Olin Wethington will be joining AIG in such a senior position. Olin's many accomplishments include negotiating on behalf of the U.S. government a number of financial market agreements with other countries. China is a very important market for AIG, dating from the earliest days of the company. AIG re-entered the Chinese insurance market in 1992, the first foreign company to do so, and we now have extensive life and non-life insurance operations in the major Chinese cities. Going forward, we expect to grow these businesses, as well as continue to develop our financial services and asset management operations. I expect Olin Wethington to be a key leader of our expansion efforts in China."
American International Group, Inc. (AIG), world leaders in insurance and financial services, is the leading international insurance organization with operations in more than 130 countries and jurisdictions. AIG companies serve commercial, institutional and individual customers through the most extensive worldwide property-casualty and life insurance networks of any insurer. In addition, AIG companies are leading providers of retirement services, financial services and asset management around the world. AIG's common stock is listed in the U.S. on the New York Stock Exchange and ArcaEx, as well as the stock exchanges in London, Paris, Switzerland and Tokyo.