International Group, Inc. (AIG) on Friday marked 50 years of incorporation in Bermuda with a reception at its newly expanded building on Richmond Road.

AIG is credited with being the spark which set off the growth of international business on the Island, a sector which has come to surpass tourism as the largest foreign exchange earner on Bermuda's balance sheet.

"We have probably spawned half the people working in the insurance industry in Bermuda,'' said AIG chairman and chief executive officer Maurice Greenberg at the reception.

The American International Building has been expanded by 36,000 sq. ft. to a total of 92,000 sq. ft. The building was first dedicated in 1971.

Joseph Johnson, president and chief executive officer of the Bermuda operation, said the company will continue to stay on the Island as long as it offers a "safe, stable environment'' for business.

"The building addition is not only an indication of the way our business has grown and transformed over the years, but also an indication of our committement to Bermuda,'' he said.

AIG is a leading US-based international insurance operation and among that country's largest underwriter of commercial and industrial coverages.