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AIG subsidiary will open in Beijing

By Associated Press
July 7, 2008 | Comments (0)

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American International Group Inc. said Monday its subsidiary AIG General Insurance Co. China Ltd. received approval by the China Insurance Regulatory Agency to open a branch in Beijing.

The subsidiary is headquartered in Shanghai.

The company said the Beijing office will be the first step in expanding across China. AIG was incorporated as a wholly owned foreign enterprise in 2007.

AIG General Chief Executive Peter H. Flint said in a statement Beijing is a "strategically important" market because it is the country's political center and seat of central government, as well as one of the world's largest cities.

Shares fell 72 cents, or 2.8 percent, to $25.52 during midday trading.

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