American International Group (AIG) Subsidiary Acquires Ocean Finance and Mortgages Limited

American General Finance Corporation, a wholly owned subsidiary of American International Group, Inc. (NYSE: AIG) has entered into an agreement to acquire Ocean Finance and Mortgages Limited (Ocean), a leading finance broker for home owner loans in the U.K., from its founder and CEO, Mr. Paul Newey. Subject to regulatory approvals, the transaction is expected to close in late 2006 or early 2007.