American International Group Inc. subsidiary American International Underwriters Overseas, Ltd. has received a license from the government of Vietnam to operate a wholly owned general insurance company in Vietnam.
New York-based AIG said the license is the first general insurance license granted by Vietnam to a U.S.-based insurance organization. Prime Minister Phan V?n Kh?i announced during his visit to the U.S. last June that the company would be granted the license.
Martin J. Sullivan, AIG president and chief executive officer, who accompanied Prime Minister Kh?i to an opening ceremony at the New York Stock Exchange during his visit, received the license from Vietnam's Vice Minister of the Ministry of Finance, Madam Bang Tam, in Hanoi on Dec. 19.
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