Starr Foundation to Donate $2.5 Million for Asian Disaster Recovery Efforts

The Starr Foundation, a charitable trust managed by AIG, announced that it will donate $2.5 million to disaster recovery and humanitarian efforts in the wake of the December 26 earthquake and tsunamis in Southeast Asia.

Individual donations have been earmarked for relief organizations in India, Indonesia, Malaysia, Sri Lanka and Thailand.

AIG Chairman and CEO M.R. Greenberg, who is also the Chairman of the Starr Foundation, stated: “The events of December 26 represent a tremendous tragedy, the impact of which will be felt for years to come. AIG employees throughout the stricken region are providing monetary and hands-on volunteer support through local charities and recovery organizations. To further support the relief effort, AIG is encouraging its employees to contribute through the AIG Disaster Relief Fund, and The Starr Foundation will match these donations 100 per cent.”

The bulletin noted that “the Starr Foundation was established in 1955 by Cornelius Vander Starr, the founder of the American International family of insurance and financial services companies, now known as American International Group, Inc. (AIG). It makes grants in a number of areas, including education, medicine and healthcare, public policy, human needs, culture and the environment.”

Starr founded AIG’s predecessor, American International Underwriters, in Shanghai, China in 1919. He and Mr. Greenberg are the only two CEO’s to head the group in 86 years.