Market Overview

Best Buy Chooses the Warranty Division of AIG for Geek Squad Protection Program

NEW YORK--(BUSINESS WIRE)--

The American International Group (AIG) insurers and Best Buy today announced that they have agreed to a multi-year renewal of their existing Geek Squad Protection agreement. The renewal ensures that the Warranty Division of AIG will continue to serve as the exclusive service provider of Best Buy's Geek Squad Protection Plans and other customer service related service contracts sold through Best Buy's multichannel distribution system in the United States.

AIG currently provides Geek Squad Protection Plans for Best Buy's wide variety of technology products and offerings through an array of turnkey solutions. Geek Squad Protection Plans are available for a wide range of computing, home theater, digital imaging, mobile phone, car electronics products, as well as major appliances. While many products come with a manufacturer's warranty, the protection plans extend the length of coverage and may offer additional benefits such as an improved “no lemon” policy, protection for accidental damage from handling, and image burn-in coverage.

“AIG is the ideal entity for helping Best Buy achieve our commitment to giving customers support throughout the life cycle of their personal technology,” said George Sherman, senior vice president, Best Buy. “AIG contributes an end-to-end customer service platform, a global footprint, and an in-depth knowledge of Best Buy's customers.”

“Best Buy is a highly respected and trusted global retailer and we are proud to continue our longstanding relationship, which dates back to 1995,” said James Mostofi, President of the U.S. Warranty Division of AIG. “Best Buy is well known for delivering new and better ways to serve its customers, and we're excited to be the company's service provider.”

About Best Buy

Best Buy Co., Inc. (NYSE: BBY) is a leading multi-channel global retailer and developer of technology products and services. Every day our employees - 167,000 strong - are committed to helping deliver the technology solutions that enable easy access to people, knowledge, ideas and fun. We are keenly aware of our role and impact on the world, and we are committed to developing and implementing business strategies that bring sustainable technology solutions to our consumers and communities. For information about Best Buy, visit http://www.bby.com/ and to shop at Best Buy, visit http://www.bestbuy.com/.

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.

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. Products and services are written or provided by subsidiaries or affiliates of American International Group, Inc. (AIG). Not all products and services are available in every jurisdiction, and insurance coverage is governed by actual policy language. Certain products and services may be provided by independent third parties under contract with AIG or its subsidiaries or affiliates. Insurance products may be distributed through affiliated or unaffiliated entities.. 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.

Matt Gallagher, AIG Media Relations
917-861-5570
Paula Baldwin, Director, Best Buy Services
612-291-6126

 

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