|AIG GLOBAL MARINE AND ENERGY DIVISION ESTABLISHED TO MEET NEEDS OF MARINE AND ENERGY CLIENTS WORLDWIDE; RICHARD J. DECKER JOINS AS PRESIDENT OF AIG GLOBAL MARINE|
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NEW YORK--June 29, 2006--American International Group, Inc. (AIG) has announced that it has established AIG Global Marine and Energy, a new division of the AIG property and casualty insurance subsidiaries. The unit will service the insurance, risk management and loss control needs of marine and energy clients throughout the world. AIG Vice President Ralph Mucerino has been named President of AIG Global Marine and Energy. He assumed responsibility for the AIG Global Energy Division in 2002.
Mr. Mucerino joined the AIG Companies in 1979 and subsequently served in senior positions in both the domestic general and foreign general insurance units of the AIG Companies, including the commercial lines unit in Paris. He later served as Regional President of the American International Underwriters Africa and Middle East Region, and as Regional President of AIG's non-life insurance companies in Japan and Korea. He was elected an AIG Vice President in 2005.
The AIG Companies' North American marine insurance underwriting operations have historically been handled by a managing general agent, American International Marine Agency, Inc (AIMA), a subsidiary of C.V. Starr & Co., Inc. The AIG Companies have cancelled the agency arrangement with AIMA, issuing a notice of termination effective December 31, 2006. While AIMA will continue to be available as the AIG Companies' managing general agent until that time, North American marine insurance clients are now free, if the client prefers, to work directly with AIG Global Marine for their underwriting, claims and all other needs.
Richard J. Decker has joined the AIG Companies as President of AIG Global Marine. Based in New York, Mr. Decker will be responsible for the commercial marine portfolio globally, reporting to Mr. Mucerino. Mr. Decker previously served at ACE as Senior Vice President of Ocean Marine and President of the INAMAR Marine Underwriting Agency. His experience in the insurance industry dates to 1969 when he joined INA as a College of Insurance intern. He subsequently served as an Ocean Marine underwriter before moving through positions of increasing responsibility with Royal Insurance and with ACE.
Mr. Decker is Vice Chairman of the American Institute of Marine Underwriters, and will be named Chairman of the organization in November 2006. He is also Deputy Chairman of the National Cargo Bureau and Chairman of the Committee on Pilots of the Board of Underwriters of New York. He earned his BA degree from The College of Insurance.
Mr. Mucerino said, "Consolidating AIG Global Marine with the existing AIG Global Energy Division will concentrate AIG's resources in these two important market sectors. AIG Global Marine and Energy will enhance our marketing and underwriting capability and take advantage of cross-selling opportunities, an important consideration to both our insureds and our brokers. Rich Decker's extensive experience in the commercial marine industry will assure that the AIG Companies continue to provide our commercial marine clients worldwide with the broad-based integrated solutions for which AIG has long been noted. We are pleased to have him on board."
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 on the New York Stock Exchange, as well as the stock exchanges in London, Paris, Switzerland and Tokyo.
CONTACT: American International Group, Inc.
SOURCE: American International Group, Inc.