AIG to Purchase Outstanding Interest in AIG Israel

Mon Feb 18, 2013 3:00am EST

* Reuters is not responsible for the content in this press release.

LONDON--(Business Wire)--
American International Group, Inc. (NYSE: AIG) announced today that it has
reached an agreement with Aurec Gold Investments Limited (Aurec) to acquire
Aurec`s 49.99% interest in AIG Israel Insurance Company Ltd. (AIG Israel). AIG
currently owns 50.01% of AIG Israel, and upon completion of the transaction AIG
Israel will become wholly-owned by AIG. The transaction is subject to approval
by the Israel Insurance Commissioner. 

AIG and Aurec formed AIG Israel in 1996 as a joint venture. The operation
primarily writes personal lines as well as accident & health and life insurance
through a direct distribution platform, and it encompasses some commercial lines
products via brokers. AIG Israel has achieved steady growth and profitability
each year since 2001. 

Rob Schimek, President and Chief Executive Officer of AIG`s EMEA region, said,
"Our decision to acquire the remaining interest in AIG Israel represents an
excellent opportunity to increase our presence in Israel, as well as to further
integrate an important operation as part of our global platform. We are pleased
that this transaction will enable us to continue to strengthen our market
position in a country that is a core component of AIG`s business in the EMEA

AIG also announced today that Shay Feldman has been appointed General Manager of
AIG Israel effective 1 April 2013. A native of Israel, Mr. Feldman joined AIG in
1998. He held positions within Accident & Health and Marketing and Sales in
Israel, and later moved to Paris to serve as CEO of AIG Marketing Europe, which
led direct marketing of AIG`s life and general insurance products across Western
Europe. Following senior regional roles in Hong Kong, Mr. Feldman moved to
London in 2011 to take up his most recent position as Chief Marketing Officer
for consumer lines in EMEA. Mr. Feldman holds a B.A. in Economics and Management
from Tel Aviv Academic College and an M.B.A. from Derby University. 

This press release contains "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995. In particular, no
assurance can be given that AIG will be able to complete the placing of the AIA
ordinary shares, or, if completed, what the net proceeds will be from the
placing. These forward-looking statements are not historical facts but instead
represent only AIG`s belief regarding future events, many of which, by their
nature, are inherently uncertain and outside AIG`s control. Except for AIG`s
ongoing obligation to disclose material information as required by federal
securities laws, AIG is not under any obligation (and expressly disclaims any
obligation) to update or alter any projections, goals, assumptions, or other
statements, whether written or oral, that may be made from time to time, whether
as a result of new information, future events or otherwise. 

American International Group, Inc. (AIG) is a leading international insurance
organization serving customers in more than 130 countries and jurisdictions. AIG
companies serve commercial, institutional, and individual customers through one
of the most extensive worldwide property-casualty networks of any insurer. In
addition, AIG companies are leading providers of life insurance and retirement
services in the United States. AIG common stock is listed on the New York Stock
Exchange and the Tokyo Stock Exchange. 

Additional information about AIG can be found at | YouTube: |Twitter: @AIG_LatestNews| LinkedIn: | 

AIG is the marketing name for the worldwide property-casualty, life and
retirement, and general insurance operations of American International Group,
Inc. For additional information, please visit our website at All
products and services are written or provided by subsidiaries or affiliates of
American International Group, Inc. Products or services may not be available in
all jurisdictions, and coverage is subject to actual policy language.
Non-insurance products and services may be provided by independent third
parties. Certain property-casualty coverages may be provided by a surplus lines
insurer. Surplus lines insurers do not generally participate in state guaranty
funds, and insureds are therefore not protected by such funds.

Jon Diat, 212-770-3505
Marie Ali , 44-207-651-6396

Copyright Business Wire 2013

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