NEW YORK, Jan. 18, 2002 (PRIMEZONE) -- Bexil Corporation (AMEX:BXL) and the management of York Claims Service, Inc. announced today the acquisition of York from American International Group, Inc. (NYSE:AIG). The acquisition was made through newly formed York Insurance Services Group, Inc., owned half by Bexil and half by York management. Terms of the transaction were not disclosed.
Thomas MacArthur, Chairman and CEO of York Insurance Services Group, Inc., said, "we think the transaction will enhance the business relationship between York and AIG for years to come, as well as expand York's services to the insurance industry as a whole."
Since the 1930s, York's affiliates have served as both an independent adjustment company and third-party administrator providing claims, data, and risk related services to insurers, insureds and intermediaries located throughout the United States. York's services have expanded to include property & casualty, workers' compensation, surveillance, transportation, environmental, construction, inland & ocean marine and litigation management. More information about York may be found at its web site http://www.yorkclaims.com/.
Bexil seeks to operate businesses directly or through companies in which it has a majority or other substantial interest. Approximately 23% of Bexil's shares are owned by Winmill & Co. Incorporated (Nasdaq:WNMLA), a holding company, engaged through subsidiaries in investment management and securities trading.
AIG is the leading U.S.-based international insurance and financial services organization.
This press release contains forward-looking statements and similar expressions that reflect Bexil's current expectations about its future performance, and are subject to risks, uncertainties and other factors that could cause Bexil's actual performance to differ materially from those expressed in, or implied by, these forward-looking statements.