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
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 region.”
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 www.aig.com
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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 www.aig.com.
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.