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TORONTO — AIG United Guaranty,1 whose affiliate companies provide mortgage guaranty insurance designed to increase home ownership, has announced that Mario Vachon will serve as Chief Risk Officer for AIG United Guaranty Canada. Pending regulatory approvals, AIG United Guaranty Canada anticipates initiating service during the second half of 2006. The new office will offer Canadian consumers additional choice by providing innovative mortgage default insurance products for consumers, mortgage brokers, financial institutions, and secondary capital markets. According to Andy Charles, who will serve as president and CEO of Canadian operations, “Mario is a key hire for our organization and is valuable member of our leadership team. He brings a tremendous amount of knowledge and experience, as well as the drive required to build a successful mortgage insurance company.” With more than 15 years of mortgage industry experience, Vachon has held senior-level positions with RBC Royal Bank and Canada Mortgage and Housing Corporation in the areas of Product Management, Risk, Treasury, and Securitization. He holds a bachelors degree in economics from the University of Montreal and a graduate degree in management from Les Hautes Etudes Commercial (HEC). The mortgage insurance subsidiaries of AIG United Guaranty provide mortgage guaranty insurance service to financial institutions worldwide, helping to minimize reliance on government fiscal support through private-sector risk management. Mortgage insurance coverage on low-down-payment loans protects a lender against losses due to homeowner default. Home ownership studies show that loans with limited down payments have an increased likelihood of default, particularly in periods of severe or prolonged economic distress. About AIG United Guaranty United Guaranty Corporation (AIG United Guaranty) and its subsidiaries are member companies of American International Group, Inc. (AIG). The company has been headquartered in Greensboro, North Carolina, since it was established in 1963. Subsidiaries of AIG United Guaranty provide mortgage guaranty insurance for first and second mortgages that protects against mortgage credit losses. In addition, AIG United Guaranty’s comprehensive range of financial products and services to lenders and investors includes mortgage fraud recovery services and student loan default insurance. AIG United Guaranty’s international locations include offices in Jerusalem, Hong Kong, Taipei, Tokyo, Beijing, Seoul, London, Dublin, Milan, Madrid, Budapest, Mexico City, Toronto, and Sydney. About AIG American International Group, Inc. (AIG), world leaders 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 in the U.S. on the New York Stock Exchange and ArcaEx, as well as the stock exchanges in London, Paris, Switzerland and Tokyo. AIG United Guaranty media releases may be viewed on our Web site at www.ugcorp.com. 1 AIG United Guaranty is a marketing term for United Guaranty Corporation and its subsidiaries. |