Maurice R. Greenberg and Lawrence A. Cunningham, American International Assurance Company, Limited, National Union Fire Insurance Company of Pittsburgh, PA, The United States Life Insurance Company in the City of New York, The Variable Annuity Life Insurance Company (VALIC), National Association of Insurance Commissioners, List of United States insurance companies, "AIG and China: Could A "Special Relationship" Translate into Cash? [80] The case involved JB Carlson and Germaine Tomlinson, and alleged that AIG managers allowed Carlson to take out life insurance policies against Tomlinson without an insurable interest, which some labeled a "death bet". [34], In March 2003 American General merged with Old Line Life Insurance Company. American International Group, Inc., also known as AIG, is an American multinational finance and insurance corporation with operations in more than 80 countries and jurisdictions. - CNN.com", "AIG may rethink asset sales in tough markets", AIG closes two transactions that reduce debt that IAG owes Federal Reserve Bank of New York by $25 billion, "Munich Re buys AIG's Hartford Steam Boiler for $742m", "Munich Re concludes purchase of Hartford Steam Boiler", "AIG selling 21st Century Insurance to Farmers Insurance", "AIG confirms sale of Transatlantic Re shares", "AIG in $15.5 billion unit sale to MetLife", "AIG Completes Sale of PineBridge Investments to Pacific Century", "Update: American General Finance sold to Fortress Investment Group " Evansville Courier & Press", "AIG set to repay $37 billion in bailout money", "Tomisue Hilbert settles suit over $15M policy", "A.I.G. For other uses, see, 1945–1959: International and domestic expansion, 1959–1979: Reorganization and specialization, 1979–2000: New opportunities and directions, Expansion to the credit default insurance market, 2008 Liquidity crisis and government bailout. We’re hiring. In March 2009, AIG compounded public cynicism concerning the "too big to fail" firm's bailout by announcing that it would pay its executives over $165 million in executive bonuses. [110] Zaffino succeeded Duperreault as president of AIG in January 2020, with Duperreault remaining AIG’s CEO. Policies issued by American General Life Insurance Company (AGL), Houston, TX, except in New York, where issued by The United States Life Insurance Company in the City of New York (US Life). AIG Retirement Services represents AIG member companies - The Variable Annuity Life Insurance Company (VALIC), Houston, TX and its subsidiaries, VALIC Financial Advisors, Inc. (VFA) and VALIC Retirement Services Company (VRSCO). All companies are members of American International Group, Inc. (AIG).  Products and services may not be available in all states and product features may vary by state.Â. Ronald will help accelerate AIG’s diversity, equity and inclusion strategy at all levels across the company. [28], During the 1980s, AIG continued expanding its market distribution and worldwide network by offering a wide range of specialized products, including pollution liability[28] and political risk. American International Group. [23] In 1952, Starr began to focus on the American market by acquiring Globe & Rutgers Fire Insurance Company and its subsidiary, American Home Fire Assurance Company. In total, the Treasury Department realized a gain of more than $22 billion from the sale of AIG common stock and $0.9 billion from the sale of AIG preferred stock. [14], AIG was founded December 19, 1919[1] when American Cornelius Vander Starr (1892-1968) established a general insurance agency, American Asiatic Underwriters (AAU), in Shanghai, China. Why the Fed pulled the trigger on AIG: What did the government get for its $85 billion? [45], AIG purchased the remaining 39% that it did not own of online auto insurance specialist 21st Century Insurance in 2007 for $749 million. [69] AIG sold its Hartford Steam Boiler unit on March 31, 2009, to Munich Re for $742 million. [140], "AIG" redirects here. Secondly, it used collateral on deposit to buy mortgage-backed securities. [49], On June 15, 2008, after disclosure of financial losses and subsequent to a falling stock price, Sullivan resigned and was replaced by Robert B. Willumstad, Chairman of the AIG Board of Directors since 2006. However, AIG continued to expand its markets by introducing specialized energy, transportation, and shipping products to serve the needs of niche industries. It is functional in more than 130 states currently. [95] Later that year, activist investor Carl Icahn called for a breakup of AIG, describing the company as "too big to succeed". [46] With the failure of the parent company and the continuing recession in late 2008, AIG rebranded its insurance unit to 21st Century Insurance. Using brokers, AIU could price insurance according to its potential return even if it suffered decreased sales of certain products for great lengths of time with very little extra expense. As of January 1, 2019 , AIG companies employed 49,600 people. The company was also a Lloyd's of London syndicate, involved in insurance-linked securities,[115] a specialist in US small commercial excess and surplus underwriting, and a provider of crop insurance. [28] In 1984, AIG listed its shares on the New York Stock Exchange (NYSE). The board also approved a $5 billion stock repurchase of government-owned shares in AIA. [44] AIG then took on tens of billions of dollars of risk associated with mortgages. Life & Retirement incl… American International Group, Inc., also known as AIG, is an American multinational finance and insurance corporation with operations in more than 80 countries and jurisdictions. American International Group, Inc. is an international insurance organization serving commercial, institutional and individual customers. [10] According to the 2016 Forbes Global 2000 list, AIG is the 87th largest public company in the world. JavaScript has been disabled on this browser. [37], In 2005, AIG became embroiled in a series of fraud investigations conducted by the Securities and Exchange Commission, U.S. Justice Department, and New York State Attorney General's Office. Research from AIG Life & Retirement and the MIT AgeLab shows in-depth discussions increase client satisfaction. [108] Duperreault commented in response that the development reflected "the progress made since 2008 to de-risk the company.”[104], AIG made a number of acquisitions in 2018. [5] The company operates through three core businesses: General Insurance, Life & Retirement, and a standalone technology-enabled subsidiary. You can make a one-time electronic payment or request a recurring draft through eService.Â. The credit facility was secured by the stock in AIG-owned subsidiaries in the form of warrants for a 79.9% equity stake in the company and the right to suspend dividends to previously issued common and preferred stock. [83], Nine years after the initial bailout, in 2017, the U.S. Financial Stability Oversight Council removed AIG from its list of too-big-to-fail institutions. [99] In August 2016, AIG sold off United Guaranty, its mortgage-guarantee unit, to Arch Capital Group, a Bermuda-based insurer, for $3.4 billion. Time to try to unwind a company with $1 trillion in assets. Peer Steinbrück, the German finance minister, called to say that it was unthinkable AIG could go down. Policies issued by American General Life Insurance Company (AGL), Houston, TX, except in New York, where issued by The United States Life Insurance Company in the City of New York (US Life). Thomas F. Motamed – Former Chairman and CEO. * 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 . [111] The company announced plans in 2017 to reorganize its Commercial and Consumer segments into General Insurance and Life & Retirement, respectively. [74], AIG then sold its American Life Insurance Co. (ALICO) to MetLife Inc. for $15.5 billion in cash and MetLife stock in March 2010. [122], In August 2019, Duperreault and Zaffino announced "AIG 200", a multi-year program to improve operations by shedding legacy processes and excess manual interventions, modernizing and digitizing workflows, and unifying operations. [137], AIG filed suit against the Federal Reserve Bank of New York in January 2013 in order to maintain the former's right to sue Bank of America and other issuers of bad mortgage debt. Copyright © 2021 American International Group, Inc. All rights reserved. When losses hit the mortgage market in 2007–2008, AIG had to pay out insurance claims and also replace the losses in its collateral accounts. Case, Surprise Ruling That Could End All Bailouts", "Greenberg's Starr to Appeal AIG Bailout Case to Supreme Court", "AIG drops a lawsuit versus New York Fed related to bailout", "BofA pays AIG $650 million to settle mortgage disputes", "How a Market Crisis Unfolded: Some of the key events in the upheaval", Business Week – List of Counterparties and Payouts, National Mutual Insurance Federation of Agricultural Cooperatives, https://en.wikipedia.org/w/index.php?title=American_International_Group&oldid=998118801, Life insurance companies of the United States, Financial services companies based in New York City, Insurance companies based in New York City, Multinational companies based in New York City, Publicly traded companies based in New York City, Financial services companies established in 1919, Companies listed on the New York Stock Exchange, Former components of the Dow Jones Industrial Average, Pages with non-numeric formatnum arguments, Articles containing potentially dated statements from January 2019, All articles containing potentially dated statements, Articles with unsourced statements from June 2020, Wikipedia articles with WORLDCATID identifiers, Creative Commons Attribution-ShareAlike License, John H. Fitzpatrick – Chairman, Oak Street Management Co., LLC, Henry S. Miller – Chairman, Marblegate Asset Management, LLC. Brian Duperreault will become Executive Chairman and Douglas M. Steenland will become Lead Independent Director. Throughout the late 1940s and early 1950s, AIU continued to expand in Europe, with offices opening in France, Italy,[17] and the United Kingdom. [24], In 1960, C.V. Starr hired Maurice R. Greenberg, known as Hank, to develop an international accident and health business. [127], AIG offers property casualty insurance, life insurance, retirement products, mortgage insurance and other financial services. AIG Retirement Services represents AIG member companies - The Variable Annuity Life Insurance Company (VALIC), Houston, TX and its subsidiaries, VALIC Financial Advisors, Inc. (VFA) and VALIC Retirement Services Company (VRSCO). Registered address: The AIG Building, 58 Fenchurch Street, London EC3M 4AB. "[121] In 2019, AIG signed a five-year contract to be the title sponsor of Women's British Open, its first deal in golf. ", "AIG Forks Up $126 million to SEC on PNC Deals", "AIG executive sentenced to 4 years in prison", "AIG Nears Completion of Internal Review; Will Restate Results Provides Update on Internal Review and Timing", "AIG rebrand US auto insurance unit 21st Century Insurance, and cut jobs", "AIG renaming auto insurance division, cutting jobs", "AIG Investors Seek Ouster of Chief Executive Sullivan", "Former AIG CEO Willumstad foregoes some stock awards", "Tuesday, September 16, 2008 . "[120], Duperreault and Zaffino set out a turnaround strategy for the General Insurance business in 2017 and began execution. [57][58] AIG's Financial Products division, headed by Joseph Cassano in London, had entered into credit default swaps to insure $441 billion worth of securities originally rated AAA. Government commitments were fully recovered, and Treasury and the FRBNY to date had received a combined positive return of approximately $15.1 billion. [25] Two years later, Greenberg reorganized one of C.V. Starr's U.S. holdings into a successful multiple line carrier. He also previously served as President and Chief Executive Officer of American International Group, Inc. Guaranteed acceptance permanent coverage, ages 50 – 85, with no medical exams. [125] In January 2020, AIG announced it was ending its decade-long sponsorship of the All Blacks in 2021. On 20 October 1981, Claimant, AMERICAN INTERNATIONAL GROUP, INC. ("AIG"), filed its Statement of Claim against Respondents, the ISLAMIC REPUBLIC OF IRAN and CENTRAL INSURANCE OF IRAN ("Bimeh Markazi"), seeking compensation for the alleged nationalization of an Iranian insurance company in which AIG allegedly had an equity interest. All companies are members of American International Group… Proceeds went to repay some of the aid it received from the government during the financial crisis. Insurance coverage conglomerate American Worldwide Group Inc. is taking steps to separate off its life-insurance enterprise right into a separate firm, leaving it to give attention to property-casualty insurance coverage, a separation it should make … [132] The AIG board had announced on January 9 that the company would not join the lawsuit. "Behind Insurer's Crisis, Blind Eye to a Web of Risk", "Goldman, Merrill Collect Billions After Fed's AIG Bailout Loans", "After AIG rescue, Fed may find more at its door", "Federal Reserve Board, with full support of the Treasury Department, authorizes the Federal Reserve Bank of New York to lend up to $85 billion to the American International Group (AIG)", "AIG bonuses total more than the reported $165 million", "U.S. Senate vote on Emergency Economic Stabilization Act of 2008", "Obama tries to stop AIG bonuses: 'How do they justify this outrage?' to Sell Taiwan Unit for $2.16 Billion", "AIG Posts Loss on Writedowns Tied to AIA, Mortgage Declines", https://www.investopedia.com/articles/economics/09/american-investment-group-aig-bailout.asp, "U.S. Treasury Sells $5.8 Billion of AIG Stock", "AIG to sell $2 billion in AIA shares, repay US government", "Treasury sells big chunk of AIG stock at a profit", "AIG Sponsors Jersey of Rugby World Champion All Blacks Team", "Charlie Rose Talks to AIG Chief Robert Benmosche", "Robert Benmosche, Rescuer of A.I.G. 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