American General Announces Senior Management Appointments

Business Wire, June 17, 1999

HOUSTON--(BUSINESS WIRE)--June 16, 1999--

American General (NYSE:AGC) recently announced two parent company senior management appointments. Zafar Rashid has been named senior vice president - risk management and George May has been named senior vice president international. In these newly created positions, Rashid reports to Robert M. Devlin, chairman, president and chief executive officer, and May reports to James S. D'Agostino Jr., vice chairman and group executive - consumer finance.

In commenting on the announcement, Robert M. Devlin said, "We are pleased to have individuals in our organization like Zafar and George who bring extensive industry knowledge and expertise in financial management and international marketing, respectively. Their leadership and experience will play key roles as we maximize American General's risk management strategy and pursue additional strategic partnerships in Latin America's rapidly expanding financial services market."

Rashid rejoins American General from Fortis Inc. where he served as senior vice president, chief financial officer, and treasurer before being elected to the additional post of president of First Fortis Life Insurance Company. Previously, Rashid served as senior vice president, chief financial officer, and treasurer of Houston-based American General Life Insurance Company from 1990 to 1996. He joined American General Life in 1987 as chief actuary. Rashid began his 30-year financial services industry career with Travelers Life Insurance Company where he served in a variety of actuarial, operations, and marketing management positions.

Rashid, 49, earned his Bachelor's degree from Punjab University in Pakistan in 1968 and completed Harvard Business School's Program for Management Development in 1982. Rashid is a Fellow of the Society of Actuaries (FSA), a Member of the American Academy of Actuaries (MAAA), a Chartered Life Underwriter (CLU), and a Chartered Financial Consultant (ChFC).

May joins American General from American International Group where he served as president and chief executive officer of AIG Life in Brazil. He was responsible for managing the company's joint venture relationships, overseeing several health care and TPA organizations, and managing the merger of four PPOs. Previously, he was a regional vice president of marketing and distribution for AIG in Western Europe and eight Latin American countries. May joined AIG in 1992 as regional director of agencies - Latin American division. He began his 26-year financial services industry career with Metropolitan Life Insurance Company where he served in a variety of sales management positions.

May, 51, received his B.B.A. in marketing from the University of Miami in 1969 and his M.B.A. in marketing from the University of Utah in 1972. He received his Ph.D. in international marketing from Kennedy Western University in 1994. May is a Chartered Financial Consultant (ChFC) and a Chartered Life Underwriter (CLU).

American General is one of the nation's largest diversified financial services organizations with assets of $109 billion and market capitalization of $19 billion. Headquartered in Houston, it is a leading provider of retirement services, life insurance, and consumer loans to 12 million customers. American General common stock is listed on the New York, Pacific, London, and Swiss stock exchanges.