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. Last Updated: 07/27/2016

U.S. Insurer Wins License

American International Group , the United States' largest underwriter of commercial and industrial insurance, announced Tuesday that it had received a license to operate a joint-venture insurance company in Russia.

AIG's Russian operation is a joint venture with one of Russia's largest commercial banks, Stolichny Savings Bank, and Russian insurance firm Garant-Invest, an AIG press release said.

The joint venture, RUS AIG, will provide insurance for foreign businesses in Russia, transport insurance for exports and imports as well as personal accident and sickness insurance to the Russian population, according to the AIG press release.