Quotes Life Assurance

NEW YORK, Jan 24, 2012 (BUSINESS WIRE) –
Two American International Group, Inc.


/quotes/zigman/557836/quotes/nls/aig AIG
+0.44%



units, Chartis U.S.
Accident and Health (Chartis AH), and American General Life Companies
(American General) have announced plans to merge their group benefits
organizations into a single, unified organization that will market a
wide range of insurance and benefits products for employees, employers
and affinity groups.

The new organization, to be named AIG Benefit Solutions, will be
composed of Chartis Corporate Benefits, a unit which includes Corporate
Medical Excess and @Work; and American General Benefit Solutions, a unit
which includes Employee Benefit Solutions and Affinity Benefit Solutions.

The unified organization will offer an extensive portfolio of nearly two
dozen insurance products and programs, many available on both
employer-funded and voluntary, employee-paid platforms, as well as
unique resources for underwriting, enrollment and plan administration.
Products and services will be offered through two segments: U.S.
Employee Benefits, which will offer group and individual employee
benefits, including many voluntary/worksite products; and U.S. Affinity
Benefits, which will offer products and services to affinity groups.

AIG President and Chief Executive Officer Robert H. Benmosche commented
on the new organization, “AIG Benefit Solutions is an excellent example
of how we can innovate and take advantage of the expertise that spans
our entire company, leverage the talent in these two units, leaders in
the group benefits markets, and deploy this for the benefit of our
customers.”

AIG Benefit Solutions will be led by industry veteran Curtis W. Olson,
who joined American General Benefit Solutions in June 2011 as President
and CEO, and it will be based out of Neptune, N.J. Olson had previously
been President and CEO of ING Life Insurance, Korea, and prior to that
assignment served for several years as President of ING Employee
Benefits U.S.

“Through this joint venture, we will not only create a new and stronger
benefits division, we are positioned to become a major player in the
benefits market,” Olson said. “Our vision is to create an organization
that is built for the group benefits marketplace of today and the
future, with an emphasis on innovation, efficiency and a
customer-centric focus.”

Products and services from the combined Chartis Corporate Benefits and
American General Benefit Solutions portfolios are now available through
a cross-sell initiative that allows producers and employers to access
the combined resources through a single representative.

Olson noted that business will continue as usual for the producers and
customers of Chartis Corporate Benefits and American General Benefit
Solutions, with the added advantage of having immediate access to the
combined portfolio of products and services through one sales
representative.

“Benefit Solutions and Chartis’ portfolio of products and services is
available, along with our considerable resources in enrollment and
administrative functions,” Olson said. “And, we can leverage our
combined portfolio and resources in instances where that would bolster
an opportunity.”

Benefit Solutions’ portfolio includes plans and programs for life (term
and universal), ADD, accident, hospital indemnity, dental, vision,
limited healthcare, group and personal disability (including FMLA
administration), critical illness and cancer insurance, as well as an
employee assistance program. Chartis Corporate Benefits’ portfolio
includes ADD, business travel accident, critical illness, accident,
limited healthcare, expatriate medical, stop loss, organ transplant,
vision and travel insurance. Many of the products are available on both
employer-funded and employee-paid platforms, giving brokers and
employers the flexibility to select plans that best suit their needs.

“The combination of Chartis’ benefits units with Benefit Solutions will
give brokers, employers and group managers access to a wide range of
products and resources, with efficiencies that can help reduce costs,”
Olson said. “The benefits market is changing rapidly, and we’ll be able
to draw on vast resources, including underwriting and product experts,
to meet the needs of the market.”

“After a thorough analysis of the synergies between the units’
distribution channels, product offerings and target markets, the
opportunities and strengths of a combined business unit were
undeniable,” said Charles Williamson, President of Consumer Lines for
Chartis U.S. and Canada.

“Under Curt Olson’s leadership, AIG Benefit Solutions will have a
significant competitive advantage in the marketplace,” said Mary Jane
Fortin, President and CEO of American General Life Companies. “We will
have greater ability to reach our customers and help them meet their
insurance needs with our expanded portfolio of products and services.”

American General Life Companies and Chartis Insurance are both in the
family of companies owned by American International Group, Inc. (AIG) a
leading international insurance organization serving customers in more
than 130 countries.

Olson said the organization’s name will give it momentum as it enters
the market. “AIG is a well-known brand among brokers, third-party
administrators, employers and employees,” Olson said. “The AIG brand has
made a positive re-emergence in the market, and our distribution
partners and customers will know they are dealing with an established
company.”

Integration of the units into one organization will take place in three
phases through 2012.

About American General Life Companies and Chartis.

American General Life Companies,
www.americangeneral.com ,
is the marketing name for a group of affiliated domestic life insurers
including those named herein. Chartis,
www.chartisinsurance.com ,
is the marketing name for the worldwide property-casualty and general
insurance operations of Chartis Inc. All products are written by member
insurers of American General Life Companies and Chartis, Inc. Coverage
may not be available in all jurisdictions and is subject to actual
policy language. Non-insurance products and services may be provided by
independent third parties. Surplus lines insurers do not generally
participate in state guaranty funds and insureds are therefore not
protected by such funds.

About AIG Benefit Solutions

AIG Benefit Solutions(R) is the marketing name for the domestic
benefits division of American International Group, Inc. Underwriting
risks, financial and contractual obligations, and support functions
associated with products marketed by AIG Benefit Solutions are the
responsibility of the underwriting companies, which include American
General Life Insurance Company of Delaware* (Wilmington, DE), American
General Assurance Company* (Schaumburg, IL), American General Indemnity
Company* (Omaha, NE), American General Life Insurance Company* (Houston,
TX), The United States Life Insurance Company in the City of New York
(New York, NY) and National Union Fire Insurance Company of Pittsburgh,
Pa., with its principal place of business in New York, NY. *These
companies do not solicit business in New York.

About AIG

American International Group, Inc. (AIG),
www.aig.com ,
is a leading international insurance organization serving customers in
more than 130 countries. 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.

SOURCE: American International Group, Inc.

        Benefit Solutions
        Steve Howard, 214-654-6475
        steve.howard@aglife.com
        or
        AIG
        Mark Herr, 212-770-3505 (o); 718-685-9348 (c)
        mark.herr@AIG.com

Copyright Business Wire 2012

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