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AIG ANNOUNCES FORMATION OF NEW BERMUDA-BASED PROPERTY CATASTROPHE REINSURANCE COMPANY

 NEW YORK, June 30 /PRNewswire/ -- American International Group, Inc. (NYSE: AIG) (AIG) has announced the formation of IPC Holdings, Ltd. and its wholly owned subsidiary, International Property Catastrophe Reinsurance Company, Ltd. ("IPC Re"), Bermuda corporations of which AIG is the sponsor.
 IPC Re will specialize in providing property catastrophe treaty reinsurance worldwide, including personal and commercial lines, on an excess of loss basis. IPC Re's policyholders are expected to be major insurers and reinsurers, and its business will be generated primarily through reinsurance intermediaries throughout the world. It may also participate in the property catastrophe retrocessional market, and may write other non-catastrophe related business in the property-casualty areas to the extent that terms are attractive. IPC Re will not conduct any business in the United States.
 IPC Holdings, Ltd. has fully-paid capital of U.S.$300 million. AIG holds 24.4 percent of the equity in the company, with the remaining equity held by a small number of domestic and foreign investors.
 Commenting on the formation of IPC Re, AIG Chairman M.R. Greenberg said, "The property catastrophe reinsurance market has experienced a severe capacity shortage since the unprecedented catastrophes of 1992, and we expect this supply-demand imbalance to continue for some time to come. Many participants in the catastrophic reinsurance marketplace have sharply reduced their capacity for accepting such risks or have withdrawn from the market altogether."
 Mr. Greenberg continued, "AIG is uniquely positioned to sponsor a new company to provide needed capacity in this market. As the largest underwriters of commercial and industrial insurance in the United States, AIG companies have a strong combination of expertise, relationships and knowledge of the property insurance marketplace. Our global presence and long experience with difficult risks worldwide should assist IPC Re in obtaining and underwriting such business."
 The President and Chief Executive Officer of IPC Holdings, Ltd. and IPC Re is Joseph C.H. Johnson, who has been an executive with AIG companies in Bermuda since 1954. Mr. Johnson is President and Chief Executive Officer of American International Company, Ltd., a position he has held for 16 years. He is active in Bermuda civic and insurance affairs and was appointed an Independent Member of the Bermuda Senate by the Governor in 1988. Mr. Johnson is also a past President of the Bermuda Chamber of Commerce.
 Other officers of IPC Re are James P. Bryce, Senior Vice President, Underwriting; and Mary E. McCoy, Vice President, Actuarial.
 Mr. Bryce joined AIG in 1975 as an international treaty underwriter and held a number of underwriting positions with American International Underwriters and National Union Fire Insurance Company of Pittsburgh, Pa. In 1984 he was named Senior Vice President of Transatlantic Reinsurance Company, where he oversaw all reinsurance assumed for foreign and domestic operations, and later held senior positions with Transatlantic in Tokyo and Hong Kong. Most recently Mr. Bryce was Vice President of the Reinsurance Division of AIG Europe (UK) Limited in London.
 Ms. McCoy's insurance career began in 1980 when she joined Liberty Mutual Insurance Company as an actuary. She joined AIG in 1981 in the actuarial department and for the past five years has been manager of the actuarial department at Lexington Insurance Company in Boston. Ms. McCoy is a Fellow in the Casualty Actuarial Society and a member of the American Academy of Actuaries.
 IPC Re's mailing address is P.O. Box HM 152, Hamilton HMAX, Bermuda. The company's offices are located at American International Building, 29 Richmond Road, Pembroke, Bermuda. Telephone: 809-295-2121; Fax: 809-292-8085.
 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. American International Group, Inc.'s common stock is listed on the New York Stock Exchange, as well as the stock exchanges in London, Paris, Switzerland and Tokyo.
 -0- 6/30/93
 /CONTACT: John T. Wooster, vice president - communications of American International Group, 212-770-3146/
 (AIG)


CO: American International Group, Inc.; International Property
 Catastrophe Reinsurance Company, Ltd.; IPC Holdings, Ltd. ST: New York IN: INS SU:


SH -- NY065 -- 7293 06/30/93 15:44 EDT
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Publication:PR Newswire
Date:Jun 30, 1993
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