Greenberg Says AIG has No Major Problem with Asbestos

January 28, 2003

Maurice Greenberg, chief executive of American International Group Inc. remarked Tuesday that the insurer did not have a major problem with asbestos, and that his successor would be promoted from within the company, according to a Reuters report.

Greenberg said he has no intentions of retiring, but investors have had concerns over the long-term future of the company.

Greenberg calmed concerns that AIG would be the next insurer to take a major hit on shoring up reserves for asbestos claims, following news that rivals ACE Ltd. and Travelers Property Casualty Corp. recently took large asbestos charges.

AIG’s fourth-quarter and year-end results – that would note any jump in reserves – are slated to be published Feb. 13.

As for a successor, Greenberg said the person would come from within AIG, but would not elaborate further.

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