AMERICAN INTERNATIONAL GROUP ANNOUNCES NAME CHANGE FOR EUROPEAN PROPERTY-CASUALTY OPERATIONS TO 'AIG EUROPE'
AMERICAN INTERNATIONAL GROUP ANNOUNCES NAME CHANGE FOR EUROPEAN PROPERTY-CASUALTY OPERATIONS TO 'AIG EUROPE' NEW YORK, April 29 /PRNewswire/ -- American International Group, Inc. (NYSE: AIG) (AIG) has announced that its European property-casualty insurance operations will henceforth be known as AIG Europe, replacing UNAT, S.A. in Continental Europe, American International Underwriters (UK) Limited in the United Kingdom, and American International Insurance Company of Ireland, Ltd. in the Republic of Ireland. The effective date of the name change will be June 1, 1992. Commenting on the name change, James E. Smith, Senior AIG Officer in Europe, said "Naming all of AIG's property-casualty operations under the banner of AIG Europe will give the group a common identity throughout Europe. This will enable us to gain greater recognition from both multinational and local industrial and financial clients, as well as from the professional brokers, who represent AIG's most important European relationships. This name change is in keeping with AIG's preeminent standing as a global insurance and financial services organization and our increasing presence in Europe. Our new name provides a stronger linkage to our parent company, AIG, as well as to the other AIG financial services companies in Europe and around the world." In the United Kingdom, the new name will be AIG Europe (UK) Limited, and in Ireland, AIG Europe (Ireland) Limited. Paris-based UNAT, S.A. will change its name to AIG Europe, S.A., and the renamed company will continue to operate as before throughout the continent. The U.K./Ireland Division of AIG Europe will continue to be headed by Nicholas Walsh, and the Continental European Division, based in Paris, will continue to be headed by David Hupp. The only difference will be the new common name, which will be introduced in each country at the same time. AIG Europe will include AIG's property-casualty operations in all 12 member countries of the EC, as well as in Switzerland, Sweden, Norway, Finland and Austria. AIG also has joint venture insurance companies in several countries of Eastern Europe, including Poland, Hungary and Estonia. AIG is the leading U.S.-based international insurance organization and the largest underwriter of commercial and industrial insurance in the United States. Its member companies write property, casualty, marine, life and financial services insurance in approximately 130 countries and jurisdictions, and are engaged in a range of financial services businesses. AIG's common stock is listed on the New York Stock Exchange, as well as on the stock exchanges in London, Paris, Switzerland and Tokyo. For the year 1991, AIG reported net income of $1.55 billion, ranking No. 11 among all U.S. corporations in 1991 net income, according to Business Week magazine. AIG's revenues for 1991 totalled $16.9 billion, its assets at year-end 1991 were $69.4 billion and its shareholders' equity amounted to $11.5 billion. -0- 4/29/92 /CONTACT: John T. Wooster, vice president-communications of American International Group, 212-770-3146/ (AIG) CO: American International Group Inc. ST: New York IN: INS SU:
SH -- NY016 -- 4228 04/29/92 09:46 EDT
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|Date:||Apr 29, 1992|
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