American International Group, Inc. (AIG) has named Alain Karaoglan Senior Vice President-Divestiture. As head of the Divestiture Office team, Mr. Karaoglan will be responsible for bringing to market AIG’s divesting assets and managing the resulting complex transactions around the world. He will report to Paula Rosput Reynolds, AIG Vice Chairman and Chief Restructuring Officer, and will assume his new duties on June 29, 2009.

Mr. Karaoglan succeeds Philip Jacobs, formerly AIG’s Global Tax Director before becoming Senior Vice President-Divestiture. Mr. Jacobs has accepted a senior tax-related position with another company.

“Alain Karaoglan has distinguished himself in both investment banking and equity research covering the insurance industry,” Ms. Reynolds said. “His equity research coverage of the property-casualty business is widely respected as first-rate. Skilled in corporate finance, Alain has broad experience in both public market and private market transactions across all asset classes. He is joining AIG’s restructuring team at a critical time, and we are confident that his leadership and experience will benefit our company’s multiple stakeholders, including American taxpayers.”

Prior to joining AIG, Mr. Karaoglan served as Managing Director-Equity Research at Banc of America Securities LLC, leading the financial services equity research team that covered insurance, banks, investment banks, asset managers, consumer finance, exchanges, and REITs. Prior to that, he served as Managing Director-North American Equity Research for Deutsche Bank Securities Inc., covering the Property-Casualty Insurance Industry. His 20-year Wall Street career also included positions of increasing responsibility at Donaldson, Lufkin, and Jenrette Securities Inc., Bear Stearns; and The First Boston Corporation. Mr. Karaoglan earned his master’s degree in Business Administration at the Amos Tuck School at Dartmouth College and both a bachelor’s degree in Economics and a bachelor’s degree in Business Administration from Pepperdine University.

American International Group, Inc. (AIG), a world leader in insurance and financial services, is the leading international insurance organization with operations in more than 130 countries and jurisdictions. AIG companies serve commercial, institutional and individual customers through the most extensive worldwide property-casualty and life insurance networks of any insurer. In addition, AIG companies are leading providers of retirement services, financial services and asset management around the world. AIG's common stock is listed on the New York Stock Exchange, as well as the stock exchanges in Ireland and Tokyo.