Exhibit 99
CONTACT: Joe Norton, AIG
(212) 770-3144
Dennis C. Milewski, HSB
(860) 722-5567
AIG'S ACQUISITION OF HSB GROUP, INC. APPROVED BY HSB SHAREHOLDERS
NEW YORK and HARTFORD, November 6, 2000 -- American International Group, Inc.
(NYSE: AIG) and HSB Group, Inc. (NYSE: HSB) announced today that the
shareholders of HSB have approved the acquisition of HSB by AIG. The parties
expect the transaction to close later this year, upon receipt of pending
regulatory approvals.
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AIG is the leading U.S.-based international insurance and financial services
organization and the largest underwriter of commercial and industrial insurance
in the United States. Its member companies write a wide range of commercial and
personal insurance products through a variety of distribution channels in
approximately 130 countries and jurisdictions throughout the world. AIG's global
businesses also include financial services and asset management, including
aircraft leasing, financial products, trading and market making, consumer
finance, institutional, retail and direct investment fund asset management, real
estate investment management, and retirement savings products. American
International Group, Inc.'s common stock is listed on the New York Stock
Exchange, as well as the stock exchanges in London, Paris, Switzerland and
Tokyo.
HSB Group, Inc., the parent company of The Hartford Steam Boiler Inspection and
Insurance Company, is a global provider of specialty insurance products,
engineering services, and management consulting. The Hartford Steam Boiler
Inspection and Insurance Company was founded in 1866 to provide loss prevention
service and insurance to businesses, industries and institutions. For more
information about HSB, visit its web site at www.hsb.com.
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