AIG to Purchase Outstanding Interest in AIG Israel
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 Commissioner.
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.
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.