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Aquila Resources Announces Election of Directors

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Aquila Resources Inc. (TSX: AQA, OTCQB: AQARF) (Aquila or the Company) announces that the six nominees listed in the management information circular for its 2020 annual meeting of shareholders (the Meeting) held earlier today were elected as directors of Aquila. 261,958,642 shares were represented at the Meeting, representing 77.375% of Aquilas issued and outstanding common shares. The detailed results of the vote for the election of directors are set out below:

Nominee

 

Votes For

 

% Votes For

 

Votes Withheld

 

% Votes

Withheld

 

 

 

 

 

 

 

 

 

Edward J. Munden

 

209,017,882

 

99.324

 

1,421,747

 

0.676

Barry Hildred

 

208,984,082

 

99.308

 

1,455,547

 

0.692

Andrew W. Dunn

 

209,000,482

 

99.316

 

1,439,147

 

0.684

Ian Pritchard

 

209,014,882

 

99.323

 

1,424,747

 

0.677

Paul Johnson

 

208,970,082

 

99.302

 

1,469,547

 

0.698

Pamela Saxton

 

209,066,782

 

99.348

 

1,372,847

 

0.652

Final voting results on all matters voted on at the Meeting will be filed on SEDAR at www.sedar.com.

Aquila Thanks Kevin Drover, Jacques Perron and Joseph de la Plante for Their Service

Due to other commitments, Kevin, Jacques and Joseph did not stand for re-election this year. On behalf of the Board of Directors of Aquila, I would like to express sincere appreciation to each of them for their many contributions to the Company, said Edward Munden, Chair of the Board of Directors. We wish them well in all of their personal and professional endeavours.

Paul Johnson Joins the Board of Directors

The Company is also pleased to announce the election of Paul Johnson to its Board of Directors. Mr. Johnson is a mining engineer with close to 40 years of experience in the mining industry. He joined Osisko Gold Royalties in August 2017 as Open Pit Project Evaluation Manager until his retirement in January 2020. Before joining Osisko, Paul worked for Hewitt Equipment, Mining Division as Senior Manager Strategic Development. He also worked for BlackRock Metals on their Iron Ore/Vanadium project as VP Mine Development. He joined the Osisko Mining Corporation team as Manager Mining and General Manager of Technical Services. Paul was part of the initial development team for their Canadian Malartic project. Previously, he occupied the Mine Engineering Manager position for Iamgold following the acquisition of Cambior where he held several positions for sixteen years all related to Open Pit mine operation. He actively participated in the development of Rosebel Gold Mines as Mine Manager from feasibility study to construction and operation. Paul began his career in the Quebec North shore area working for Quebec Cartier Mining and Quebec Iron and Titanium. He holds a Bachelor of Mining Engineering from Laval University, Quebec.

Mr. Munden added, We are delighted to welcome an individual with Pauls technical experience and capabilities to our Board. We look forward to benefiting from Pauls insights as we advance Back Forty and our projects in Wisconsin through their next phase of development.

About Aquila

Aquila Resources Inc. (TSX: AQA, OTCQB: AQARF) is a development-stage company focused on high grade and gold-rich projects in the Upper Midwest, USA. Aquilas experienced management team is focused on advancing pre-construction activities for its 100%owned gold and zinc-rich Back Forty Project in Michigan.

Aquilas flagship Back Forty Project is an open pit volcanogenic massive sulfide deposit with underground potential located along the mineral-rich Penokean Volcanic Belt in Michigans Upper Peninsula. Back Forty contains approximately 1.1 million ounces of gold and 1.2 billion pounds of zinc in the Measured & Indicated Mineral Resource classifications, with additional upside potential.

Aquila has two other exploration projects: Reef Gold Project located in Marathon County, Wisconsin and the Bend Project located in Taylor County, Wisconsin. Reef is a gold-copper property and Bend is a volcanogenic massive sulfide occurrence containing copper and gold. Additional disclosure of Aquilas financial statements, technical reports, material change reports, news releases and other information can be obtained at www.aquilaresources.com or on SEDAR at www.sedar.com.

Cautionary statement regarding forward-looking information

This press release may contain certain forward-looking statements within the meaning of applicable Canadian securities legislation. In certain cases, forward-looking statements can be identified by the use of words such as plans, expects or does not anticipate, or believes, or variations of such words and phrases or statements that certain actions, events or results may, could, would, might or will be taken, occur or be achieved and similar expressions suggesting future outcomes or statements regarding an outlook.

These and other forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of Aquila to control or predict, that may cause their actual results, performance or achievements to be materially different from those expressed or implied thereby, and are developed based on assumptions about such risks, uncertainties and other factors set out herein. These risks include those described under the heading Risk Factors in Aquilas most recent annual information form and its other public filings, copies of which can be under Aquilas profile at www.sedar.com.

Aquila expressly disclaims any obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents Aquilas best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information. Furthermore, Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

Barry Hildred, CEO

Aquila Resources Inc.

Tel: 647.943.5672

Email: [email protected]

David Carew, Director of Corporate Development & Investor Relations

Aquila Resources Inc.

Tel: 647.943.5677

Email: [email protected]

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AIG Announces Third Quarter 2020 Catastrophe Loss Estimates, including COVID-19 Catastrophe-Related Loss Estimates; and Results of the Life & Retirement and Legacy Annual Actuarial Assumption Update

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American International Group, Inc. (NYSE: AIG) today announced its General Insurance catastrophe losses, including COVID-19 catastrophe-related losses, for the quarter ended September 30, 2020, as well as results of the Life & Retirement and Legacy annual actuarial assumption update.

Third quarter 2020 catastrophe loss estimates, net of reinsurance, in the companys General Insurance segment totaled $790 million, before tax, which include $185 million of estimated catastrophe losses for claims related to COVID-19, principally in its travel, event cancellation, trade credit, property, agriculture and casualty books of business. Third quarter non-COVID-19 catastrophe losses of $605 million reflect windstorms and tropical storms in the Americas and Japan, as well as wildfires on the west coast.

Brian Duperreault, AIGs Chief Executive Officer, said: The third quarter experienced a high frequency of global catastrophe events with low to moderate severity, including the ongoing impact of COVID-19. These events have had a limited impact on AIG as a result of our underwriting discipline, reinsurance programs, revamped risk appetite and the strength of our balance sheet.

AIG also announced the results of its annual actuarial assumption update for the Life & Retirement and Legacy segments. This years update included lower interest rate assumptions, including a decrease in the expected 10 year forward 10-year Treasury rate to approximately 2.8%, updates to mortality assumptions and revised policyholder behavior assumptions, particularly on lapses and deferred acquisition cost amortization.

As a result of this update, AIG recorded a third quarter 2020 charge of $7 million, after-tax ($9 million pre-tax), to net income attributable to AIG common shareholders, reflecting a charge of $22 million, pre-tax, in the Life & Retirement segment and a benefit of $13 million, pre-tax, in the Legacy segment. The $22 million charge is comprised of a charge of $120 million, pre-tax, included in adjusted pre-tax income (APTI), and a benefit of $98 million, pre-tax, reflected in net realized capital losses and deferred acquisition costs related to guaranteed minimum withdrawal benefits. The impact to APTI for the Legacy segment was a benefit of $13 million.

As previously announced, AIG will report third quarter financial results after the market closes on Thursday, November 5, 2020. AIGs press release and financial supplement will be available in the Investors Section of AIGs website at https://www.aig.com. AIG will host a conference call on Friday, November 6, 2020 at 9:00 a.m. ET to review its financial results. The live, listen-only webcast is open to the public and can be accessed in the Investors section of https://www.aig.com. A replay will be available after the call at the same location.

In separate press releases issued today, AIG announced leadership transitions for its executive team and Board of Directors and its intention to separate the Life & Retirement business from AIG.

American International Group, Inc. (AIG) is a leading global insurance organization. AIG member companies provide a wide range of property casualty insurance, life insurance, retirement solutions, and other financial services to customers in more than 80 countries and jurisdictions. These diverse offerings include products and services that help businesses and individuals protect their assets, manage risks and provide for retirement security. AIG common stock is listed on the New York Stock Exchange.

Additional information about AIG can be found at www.aig.com | YouTube: www.youtube.com/aig | Twitter: @AIGinsurance www.twitter.com/AIGinsurance | LinkedIn: www.linkedin.com/company/aig. These references with additional information about AIG have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release.

AIG is the marketing name for the worldwide property-casualty, life and retirement, and general insurance operations of American International Group, Inc. For additional information, please visit our website at www.aig.com. All products and services are written or provided by subsidiaries or affiliates of American International Group, Inc. Products or services may not be available in all countries and jurisdictions, and coverage is subject to underwriting requirements and actual policy language. Non-insurance products and services may be provided by independent third parties. Certain property-casualty coverages may be provided by a surplus lines insurer. Surplus lines insurers do not generally participate in state guaranty funds, and insureds are therefore not protected by such funds.

The catastrophe loss estimates in this press release involve the exercise of considerable judgment. Due to the complexity of factors contributing to the losses, there can be no assurance that AIGs ultimate losses associated with these events will not differ from these estimates, perhaps materially.

Certain statements in this press release may include projections, goals, assumptions and statements that may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, and AIG may make related oral forward-looking statements on or following the date hereof. These projections, goals, assumptions and statements are not historical facts but instead represent only AIGs belief regarding future events, many of which, by their nature, are inherently uncertain and outside AIGs control. These projections, goals, assumptions and statements include statements preceded by, followed by or including words such as will, believe, anticipate, expect, intend, plan, focused on achieving, view, target, goal, or estimate. It is possible that AIGs actual results, developments, business decisions and financial condition will differ, possibly materially, from those indicated in these projections, goals, assumptions and statements. Factors that could cause AIGs actual results, developments, business decisions and financial condition to differ, possibly materially, include economic conditions affecting the industries in which AIGs businesses operate. AIG is not under any obligation (and expressly disclaims any obligation) to update or alter any projections, goals, assumptions or other statements, whether written or oral, that may be made from time to time, whether as a result of new information, future events or otherwise.

Sabra Purtill (Investors): [email protected]

Shelley Singh (Investors): [email protected]

Claire Talcott (Media): [email protected]

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AIG to Pursue Separation of Life & Retirement Business

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American International Group, Inc. (NYSE: AIG) today announced its intention to separate its Life & Retirement business from AIG.

The companys executive management team, with assistance from independent financial and legal advisors and oversight from the AIG Board of Directors, conducted a comprehensive review of the companys current composite structure, including strategic, operational, capital and tax implications. As a result of this review, executive management recommended, and the Board has decided to pursue, a separation of the Life & Retirement business from AIG.

AIGs executive management and Board believe a simplified corporate structure will unlock significant value for shareholders and other stakeholders. Although no decisions have been made as to how to achieve a full separation, the Boards intent is to accomplish it in a way that maximizes shareholder value and establishes two independent, market leading companies.

Brian Duperreault, AIGs Chief Executive Officer, stated, Over the last three years, we have taken significant action to de-risk AIG and position the company for profitable growth, including fortifying General Insurance, diversifying Life & Retirement, significantly strengthening AIGs capital and liquidity position, and building a world-class team. This foundational work has positioned AIG to pursue a separation of Life & Retirement enabling both companies to prosper as stand-alone entities.

Peter S. Zaffino, AIGs President & Global Chief Operating Officer, and CEO-elect, stated, Across AIG, we have made significant progress executing on our strategy to deliver value for our clients, distribution partners, shareholders and other stakeholders. Our businesses can be further strengthened by separating Life & Retirement from AIG, which we believe will enable each entity to achieve a more appropriate and sustainable valuation.

Douglas M. Steenland, speaking on behalf of the AIG Board of Directors, added, The Board worked closely with executive management as they conducted a comprehensive review of AIGs composite structure, and AIGs Directors are confident that a separation of Life & Retirement from AIG will create value for shareholders and benefit all stakeholders.

Since late 2017, the General Insurance business has been successfully executing foundational work to reposition its portfolio and reduce volatility through disciplined underwriting and expense control within a clearly defined risk appetite and comprehensive reinsurance strategy. As a market leader, General Insurance will continue to focus on achieving long-term, profitable growth.

As an independent company, the Life & Retirement business will be well positioned to build value for shareholders by leveraging a broad product portfolio and diverse distribution to tailor its offerings to best meet the evolving needs of customers and distributors.

Any separation transaction will be subject to the satisfaction of various conditions and approvals, including approval by the AIG Board of Directors, receipt of insurance and other required regulatory approvals, and satisfaction of any applicable requirements of the Securities and Exchange Commission. No assurance can be given regarding the form that a separation transaction may take or the specific terms or timing thereof, or that a separation will in fact occur.

This news release is not an offer to sell, or a solicitation of an offer to buy, any securities.

In separate press releases issued today, AIG announced leadership transitions for its executive team and Board of Directors and an update on catastrophe losses, including COVID-19 catastrophe-related losses, for the quarter ended September 30, 2020, as well as Life & Retirement and Legacy annual actuarial assumptions.

American International Group, Inc. (AIG) is a leading global insurance organization. AIG member companies provide a wide range of property casualty insurance, life insurance, retirement solutions, and other financial services to customers in more than 80 countries and jurisdictions. These diverse offerings include products and services that help businesses and individuals protect their assets, manage risks and provide for retirement security. AIG common stock is listed on the New York Stock Exchange.

Additional information about AIG can be found at www.aig.com | YouTube: www.youtube.com/aig | Twitter: @AIGinsurance www.twitter.com/AIGinsurance | LinkedIn: www.linkedin.com/company/aig. These references with additional information about AIG have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release.

AIG is the marketing name for the worldwide property-casualty, life and retirement, and general insurance operations of American International Group, Inc. For additional information, please visit our website at www.aig.com. All products and services are written or provided by subsidiaries or affiliates of American International Group, Inc. Products or services may not be available in all countries and jurisdictions, and coverage is subject to underwriting requirements and actual policy language. Non-insurance products and services may be provided by independent third parties. Certain property-casualty coverages may be provided by a surplus lines insurer. Surplus lines insurers do not generally participate in state guaranty funds, and insureds are therefore not protected by such funds.

Certain statements in this press release may include projections, goals, assumptions and statements that may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, and AIG may make related oral forward-looking statements on or following the date hereof. These projections, goals, assumptions and statements are not historical facts but instead represent only AIGs belief regarding future events, many of which, by their nature, are inherently uncertain and outside AIGs control. These projections, goals, assumptions and statements include statements preceded by, followed by or including words such as will, believe, anticipate, expect, intend, plan, focused on achieving, view, target, goal, or estimate, and include without limitation statements regarding an intent to separate the Life & Retirement business from AIG, the specific terms or timing of any separation transaction and the potential benefits that may be realized as a result of a separation transaction. It is possible that AIGs actual results, developments, business decisions and financial condition will differ, possibly materially, from those indicated in these projections, goals, assumptions and statements. Factors that could cause AIGs actual results, developments, business decisions and financial condition to differ, possibly materially, include economic conditions affecting the industries in which AIGs businesses operate, the uncertainty of regulatory approvals including in connection with any separation transaction, AIGs ability to satisfy the necessary conditions to consummate a separation transaction on a timely basis or at all, and AIGs ability to successfully separate the Life & Retirement business and realize the anticipated benefits from a separation. AIG is not under any obligation (and expressly disclaims any obligation) to update or alter any projections, goals, assumptions or other statements, whether written or oral, that may be made from time to time, whether as a result of new information, future events or otherwise.

Sabra Purtill (Investors): [email protected]

Shelley Singh (Investors): [email protected]

Claire Talcott (Media): [email protected]

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AIG Announces Leadership Transitions

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American International Group, Inc. (NYSE: AIG) today announced leadership transitions for its executive team and Board of Directors.

The AIG Board of Directors has named Peter S. Zaffino Chief Executive Officer of AIG, effective March 1, 2021, in addition to his current role as President of the company. Mr. Zaffino has also been appointed to serve as a Director, effective immediately.

Brian Duperreault will become Executive Chairman and Douglas M. Steenland, currently Independent Chairman of the Board, will become Lead Independent Director, also effective March 1, 2021.

Mr. Zaffino stated, I am honored to succeed Brian as Chief Executive Officer of AIG and want to thank him and the AIG Board of Directors for this opportunity. I look forward to leading AIGs next phase on our journey to becoming a top performing company.

Mr. Duperreault stated, I want to thank the AIG Directors for their continued support and congratulate Peter on his well-deserved election as the next Chief Executive Officer of AIG. Peter has been instrumental in the significant turnaround and transformation at AIG and his vision, determination and pursuit of excellence will help ensure the companys future success.

Mr. Steenland, speaking on behalf of the Board of Directors, said, We are grateful to Brian for his leadership and expertise in guiding the strategic repositioning of AIGs businesses as market leaders and we look forward to his ongoing contributions as Executive Chairman. We are extremely fortunate to have an executive of Peters caliber and have great confidence about the future of the company under his leadership.

In separate press releases issued today, AIG announced its intention to separate the Life & Retirement business from AIG and provided an update on catastrophe losses, including COVID-19 catastrophe-related losses, for the quarter ended September 30, 2020, as well as Life & Retirement and Legacy annual actuarial assumptions.

American International Group, Inc. (AIG) is a leading global insurance organization. AIG member companies provide a wide range of property casualty insurance, life insurance, retirement solutions, and other financial services to customers in more than 80 countries and jurisdictions. These diverse offerings include products and services that help businesses and individuals protect their assets, manage risks and provide for retirement security. AIG common stock is listed on the New York Stock Exchange.

Additional information about AIG can be found at www.aig.com | YouTube: www.youtube.com/aig | Twitter: @AIGinsurance www.twitter.com/AIGinsurance | LinkedIn: www.linkedin.com/company/aig. These references with additional information about AIG have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release.

AIG is the marketing name for the worldwide property-casualty, life and retirement, and general insurance operations of American International Group, Inc. For additional information, please visit our website at www.aig.com. All products and services are written or provided by subsidiaries or affiliates of American International Group, Inc. Products or services may not be available in all countries and jurisdictions, and coverage is subject to underwriting requirements and actual policy language. Non-insurance products and services may be provided by independent third parties. Certain property-casualty coverages may be provided by a surplus lines insurer. Surplus lines insurers do not generally participate in state guaranty funds, and insureds are therefore not protected by such funds.

Sabra Purtill (Investors): [email protected]

Shelley Singh (Investors): [email protected]

Claire Talcott (Media): [email protected]

Continue Reading
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