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AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON March 2, 1998.
SCHEDULE 14A INFORMATION
PROXY STATEMENT PURSUANT TO SECTION 14(A) OF THE SECURITIES
EXCHANGE ACT OF 1934
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<TABLE>
<S> <C>
[ ] Preliminary Proxy Statement [ ] Confidential, for Use of the Commission
Only (as permitted by Rule 14A-6(e)(2))
[ ] Definitive Proxy Statement
[X] Definitive Additional Materials
[ ] Soliciting Material Pursuant to Section 240.14a-11(c) or Section 240.14a-12
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AMERICAN BANKERS INSURANCE GROUP, INC.
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(Name of Registrant as Specified in its Charter)
AMERICAN INTERNATIONAL GROUP, INC.
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(Name of Person(s) Filing Proxy Statement if other than the Registrant)
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On March 2, 1998, American International Group, Inc. issued the
following Press Release:
[AIG LOGO] AMERICAN INTERNATIONAL GROUP, INC.
70 Pine Street New York, NY 10270
NEWS
Contact: Joe Norton
AIG Director of Public Relations
212/770-3144
Bruce Camacho
ABI Executive Vice President, Investor Relations
305/252-7060
AIG AND AMERICAN BANKERS INSURANCE GROUP
AMEND MERGER AGREEMENT
VALUE INCREASED TO $58 PER ABI SHARE
NEW YORK and MIAMI, March 2 - American International Group, Inc. (NYSE:AIG)
and American Bankers Insurance Group, Inc. (NYSE:ABI) today announced that they
have reached an amended merger agreement between the two companies. The amended
agreement calls for AIG to pay $58.00 in stock and cash for each ABI share.
R. Kirk Landon, Chairman of the Board of ABI, said, "The American Bankers
Board of Directors strongly affirms its belief that this merger agreement with
AIG is the superior alternative for ABI, our shareholders, policyholders,
employees and communities. AIG is a strong, experienced, well-capitalized and
well-positioned industry partner for us. There is also no question that our
merger with AIG will bring significant opportunities for our company and all
our constituencies."
AIG Chairman M.R. Greenberg commented, "AIG is very pleased to have reached
this new agreement with American Bankers, and we look forward to presenting it
to the ABI shareholders. AIG's commitment to American Bankers reflects our
belief that this is a strategic investment with solid long term prospects. We
have tremendous respect for the company and its employees and we continue to
believe there are outstanding opportunities for American Bankers to grow and
prosper as part of AIG. We reiterate our pledge to keep ABI as a separately
managed company within AIG, to provide it with the necessary capital to grow,
and to maintain ABI's headquarters in Miami. We look forward to consummating
this merger on an expedited basis."
As a result of this new agreement, ABI and AIG announced that ABI is
postponing the two shareholder meetings currently scheduled for March 4 and
March 6. The new dates will be March 25 and March 27.
AIG is the leading U.S.-based international insurance organization and
among the largest underwriters of commercial and industrial insurance in the
United States. Its member companies write property, casualty, marine, life and
financial services insurance in approximately 130 countries and jurisdictions,
and are engaged in a range of financial services businesses. 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.
American Bankers Insurance Group, Inc. (ABI) concentrates on marketing
affordable, specialty insurance products and services through financial
institutions, retailers and other entities offering consumer financing as a
regular part of their business. ABI, through its insurance subsidiaries,
operates in the United States, Canada, Latin America, the Caribbean, and the
United Kingdom.
