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TORONTO — AIG United Guaranty,1 whose affiliate companies provide mortgage guaranty insurance designed to increase home ownership, has named Andy Charles as president of AIG United Guaranty Canada, which is in the process of company formation and licensing. Beginning in 2006, this new team plans to offer Canadian consumers additional choice by providing mortgage default insurance products for financial institutions, mortgage brokers, and secondary capital markets. According to Doug Rivenburgh, senior vice president of international operations, "The Canadian market is a key strategic opportunity for AIG United Guaranty, the second-largest mortgage default insurance market in the world. Andy’s proven leadership expertise and track record in the mortgage market will enable AIG United Guaranty Canada to build a successful mortgage insurance company." A former CIBC executive, Charles has led two mortgage business units. When Charles was president of HLC Home Loans Canada, the mortgage brokerage division grew to become one of the country’s largest brokerage companies. Additionally, he had leadership responsibility for developing the President’s Choice Financial mortgage business. 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. 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. 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. |