EXHIBIT B

AIG Prices Offering to Sell Its Ownership of IPC Holdings Common Shares

      NEW YORK, and PEMBROKE, Bermuda, Aug. 9, 2006. American International
Group, Inc. (NYSE: AIG) and IPC Holdings, Ltd. (Nasdaq: IPCR) announced that AIG
has agreed to sell 13.397 million IPC common shares at $27 per share in an
underwritten public offering. The offering is expected to close on August 15,
2006. AIG has granted the underwriters an option to purchase up to 2 million
shares to cover over-allotments, if any. Upon completion of the transaction, if
the underwriters exercise their over-allotment option in full, it is anticipated
that AIG will not own any shares of IPC's common stock. IPC will not receive any
proceeds from the sale of the shares.

      The sole bookrunner for this offering is Citigroup Corporate & Investment
Banking, and Morgan Stanley & Co. Incorporated is a joint-lead manager.
Interested parties may obtain a written copy of the prospectus relating to this
offering from Citigroup Corporate & Investment Banking, Brooklyn Army Terminal,
140 58th Street, 8th floor, Brooklyn, New York, 11220, Attention: Prospectus
Department; telephone: 1-877-858-5407.

      This communication shall not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there be any sale of
these securities in any state in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the securities laws of any
such state.

      About AIG:

      American International Group, Inc. (AIG), world leaders in insurance and
financial services, is the leading international insurance organization with
operations in more than 130 countries and jurisdictions. AIG companies serve
commercial, institutional and individual customers through the most extensive
worldwide property-casualty and life insurance networks of any insurer. In
addition, AIG companies are leading providers of retirement services, financial
services and asset management around the world. AIG's common stock is listed on
the New York Stock Exchange, as well as the stock exchanges in London, Paris,
Switzerland and Tokyo.

      About IPC:

      IPC Holdings, Ltd., through its wholly-owned subsidiary IPCRe Limited,
provides property catastrophe reinsurance and, to a limited extent, aviation,
property-per-risk excess and other short-tail reinsurance on a worldwide basis.

    CONTACT:    For AIG                For IPC Holdings, Ltd.
                Joe Norton             James Bryce or John Weale
                212-770-3144           441-298-5100