powerhouse American International Group (AIG), a block of stock which yesterday was valued at nearly $74.4 million.

Point Shares resident, Ernest E. Stempel, filed to sell 500,000 shares of AIG through Donaldson Lufkin & Jenrette. AIG stock was yesterday trading up more than $3.00 at $148.75.

Mr. Stempel, the semi-retired chairman of the Bermuda operations of AIG, has been with the firm, one of the most successful US organisations, for more than 58 years, and was first stationed by the company in Bermuda in 1953.

His association with AIG has led to a highly successful career. Last September, Forbes Magazine ranked the octagenarian among 400 of the wealthiest Americans. His personal fortune was estimated at some $700 million.

Mr. Stempel has been a long time friend of Bermuda, as evidenced by an extensive history of local philanthropic involvement, through AIG, The Starr Foundation and the Ernest E. Stempel Foundation.

He was also one of the stalwarts in the development of the Bermuda insurance industry.

SELLING SHARES -- Ernest Stempel