AIG Forms Realty Subsidiary

American International Group, New York, has formed AIG Real Estate Solutions, a unit that will solely focus on the insurance and risk management needs of the real estate sector.To further support AIG's real estate clients, some other AIG member companies could offer other real estate-related services, AIG reports, including real estate investment, development and management; commercial mortgage lending; management of commercial mortgage-backed securities and unsecured real estate investment trust debt portfolios; affordable housing sponsorship and residential mortgage guaranty insurance. John Willett of Lexington Insurance Company will be the practice leader for the new unit, AIG said. Kristian P. Moor, executive vice president for domestic general insurance at AIG, said, "Real estate operations face a broad spectrum of exposures that are unique to their industry. AIG RES was created with these issues in mind to provide the real estate sector with access to the full range of AIG's insurance offerings and eliminate many of the gaps in coverage that typically result when dealing with multiple carriers."