American General Names Corcoran Executive Vice President - Government and Industry Relations.

HOUSTON--(BUSINESS WIRE)--Aug. 17, 1999--

American General (NYSE:AGC) today announced that James P. Corcoran has been named executive vice president - government and industry relations, effective Aug. 30, 1999. In this newly created position, Corcoran will be responsible for all government, regulatory, and industry association relationships, including managing the company's government affairs office in Washington, D.C. He will report to Robert M. Devlin, chairman, president and CEO.

In commenting on the announcement, Devlin said, "We are delighted to have Jim join American General's senior management team. He has an outstanding record as a financial services industry leader and strategist. As the New York State Superintendent of Insurance, Jim played a key role in reshaping New York's legislative and administrative priorities to changing financial markets. We look forward to the contributions Jim will make as we pursue additional opportunities to enhance shareholder value in our rapidly evolving industry."

Corcoran most recently served as a corporate partner in Winston & Strawn's New York office, specializing in insurance law, including mergers and acquisitions involving domestic and foreign insurers. From 1983 to 1990, Corcoran served as the Superintendent of Insurance for the State of New York. As Superintendent, Corcoran helped to expand the international market to U.S. insurance companies and testified before numerous congressional committees on insurance issues. Several of Corcoran's state reform measures gained national attention, including the development of model laws governing financial guarantee insurance, holding company system regulation, and the demutualization law which was promulgated by the National Association of Insurance Commissioners to allow mutual life insurers to convert to stock companies.

Prior to his appointment as Superintendent, Corcoran served as vice president - government relations for the Prudential Insurance Company of America, Assistant General Counsel at Mutual Life Insurance Company of New York (MONY), and as Special Assistant to the General Counsel in the Office of the U.S. Secretary of Commerce during the Carter administration.

Corcoran has taken an active international role in opening dialogues in Asia, Europe, and Latin America to assist U.S. insurance companies in entering foreign markets. He has made presentations as a consultant on insurance regulatory matters to the governments of Argentina, Australia, Brazil, Taiwan, Singapore, and Malaysia. He also represented the United States Department of Commerce before the Insurance Committee of Organization of Economic Cooperation Development (OECD) in Paris, France in 1988 and 1989.

Corcoran, 54, a native of New York City, received his B.A. in history from Iona College in 1966 and a J.D. from Fordham University School of Law in 1969. He is a member of the International Insurance Society Inc.

American General is one of the nation's largest diversified financial services organizations, with assets of $110 billion and market capitalization of $19 billion. Headquartered in Houston, it is a leading provider of retirement services, life insurance, and consumer loans to 12 million customers. American General common stock is listed on the New York, Pacific, London, and Swiss stock exchanges.