[97] Later that year, Icahn won a seat on the board of directors and continued to pressure the company to split up its major divisions. [34], In March 2003 American General merged with Old Line Life Insurance Company. American International Group beats White Mountains Insurance Group on 9 of the 14 factors compared between the two stocks. In an interview with Law360, AIG's Lucy Fato shares lessons about leadership and her career. 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 … All companies are members of American International Group… [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. [14] The same month, Robert Benmosche announced that he would be stepping down from his position as President and CEO due to his advancing lung cancer. American International Group, Inc. is an international insurance organization serving commercial, institutional and individual customers. However, AIG continued to expand its markets by introducing specialized energy, transportation, and shipping products to serve the needs of niche industries. . [126], In Australia and China, AIG is identified as a large financial institution and provider of financial services including credit security mechanisms. 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. In about five years, the division's revenues rose from $737 million to more than $3 billion, about 17.5% of the company's total. [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. [138] The specific issue was whether the Federal Reserve Bank of New York transferred $18 billion in litigation claims on troubled mortgage debt through Maiden Lane Transactions, entities created by the Fed in 2008. Within the U.S., AIG acquired SunAmerica Inc. a retirement savings company managed by Eli Broad, in 1999. It insured tens of billions of dollars of derivatives against default, but did not purchase reinsurance to hedge that risk. AIG is here to help. Aerospace Insurance Managers, Allianz Global Corporate & Specialty, American International Group, Aon, Global Aerospace, Marsh, Aviation Insurance Holdings, Catlin Group, Willis Group Holdings, XL Group. 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? AIG is proud to support all the professionals taking care of financial futures. [100], Brian Duperreault was appointed CEO of AIG on May 15, 2017. Experts question whether there are even enough qualified buyers out there to digest the company and its subsidiaries. [6][7][8] General Insurance includes Commercial, Personal Insurance, U.S. and International field operations. He began his career at AIG as a clerk in its London office in 1970. [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". * 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 . The company operates through three core businesses: General Insurance, Life & Retirement, and a standalone technology-enabled subsidiary. 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. [139], On May 7, 2013, Los Angeles U.S. District Judge, Mariana Pfaelzer, ruled in a case between AIG and Bank of America concerning possible misrepresentations by Merrill Lynch and Countrywide as to the quality of the mortgage portfolio, that $7.3 billion of the disputed claims had not been assigned. Learn more about our Accident and Health Products and how they may help you and your family, when the unexpected occurs.Â. [5] The company operates through three core businesses: General Insurance, Life & Retirement, and a standalone technology-enabled subsidiary. The company went public in 1969. 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. [80] AIG initially filed a suit against Carlson in 2008 to invalidate the claim altogether, arguing that it was filed fraudulently. [41], On May 1, 2005, investigations conducted by outside counsel at the request of AIG's Audit Committee and the consultation with AIG's independent auditors, PricewaterhouseCoopers LLP resulted in AIG's decision to restate its financial statements for the years ended December 31, 2003, 2002, 2001 and 2000, the quarters ended March 31, June 30 and September 30, 2004 and 2003 and the quarter ended December 31, 2003. [82] Due to the Q3 2011 net loss widening, on November 3, 2011, AIG shares plunged 49 percent year to date. [128][129], Hank Greenberg, with lead lawyer David Boies, independently sued the U.S. Government for money damages in the United States Court of Federal Claims in 2011. [127], AIG offers property casualty insurance, life insurance, retirement products, mortgage insurance and other financial services. [20][21], After World War II, American International Underwriters (AIU) entered Japan[15] and Germany,[22] to provide insurance for American military personnel. [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. [citation needed] In the United States, AIG is the largest underwriter of commercial and industrial insurance. ", "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 . Description Offers general & life insurance, financial services, retirement savings & asset management services in the US & other countries Ticker: [51], In late 2008, the federal government bailed out AIG for $180 billion, and technically assumed control, because many believed its failure would endanger the financial integrity of other major firms that were its trading partners--Goldman Sachs, Morgan Stanley, Bank of America and Merrill Lynch, as well as dozens of European banks. For important information from AIG, please visit our Coronavirus Updates page. You can make a one-time electronic payment or request a recurring draft through eService.Â. Linda A. 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. [15] Business grew rapidly, and two years later, Starr formed a life insurance operation. 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. Guarantees are backed by the claims-paying ability of the issuing 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.As of December 31, 2016, AIG companies employed 56,400 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. General Insurance includes Commercial, Personal Insurance, U.S. and International field operations. [4] As of January 1, 2019[update], AIG companies employed 49,600 people. [79], In October 2010, The Wall Street Journal reported that the Tomlinson family was allowed to join a civil suit involving AIG for its alleged complicity in a 'stranger-originated life insurance' scheme. [110] Zaffino succeeded Duperreault as president of AIG in January 2020, with Duperreault remaining AIG’s CEO. history.[63][64]. American International Group is one of the leading international insurance organizations with operations in more than 130 countries and jurisdictions. After Bailout, Dies at 70", "Nan Shan Life to buy part of AIG's Taiwan unit for $158 mln", "Carl Icahn turns up the pressure on AIG", "Corporate giant AIG to begin spinoff of Greensboro's United Guaranty", "How AIG CEO Hancock Ended Up on Way Out", "AIG to Join Two Sigma, Duperreault in Technology Venture", "AIG Reaches Deal to Sell Mortgage-Insurance Unit to Arch Capital for About $3.4 Billion", https://www.nytimes.com/2017/05/15/business/dealbook/aig-brian-duperreault-ceo.html, https://www.wsj.com/articles/aig-names-brian-duperreault-as-ceo-1494847979, https://www.nytimes.com/2017/03/09/business/dealbook/aigs-chief-executive-to-resign-after-turnaround-setback.html, https://annual.aig.com/2017/president-and-ceo-letter, https://www.carriermanagement.com/news/2017/05/15/167182.htm, https://www.reuters.com/article/us-aig-restructure/aig-to-restructure-into-three-new-units-marking-ceos-first-big-move-idUSKCN1C01ER, https://www.insurancejournal.com/news/national/2019/07/22/533498.htm, https://www.reuters.com/article/us-financial-crisis2008-aig/after-its-near-death-aig-ceo-plots-revival-by-returning-to-basics-idUSKCN1LQ15Y, https://www.carriermanagement.com/news/2018/04/01/177288.htm, https://www.wsj.com/articles/aig-promotes-senior-executive-zaffino-to-additional-title-as-president-11576671385?cx_testId=3&cx_testVariant=cx_2&cx_artPos=0#cxrecs_s, https://www.reuters.com/article/us-aig-president/aig-names-coo-peter-zaffino-as-president-idUSKBN1YM1DW, https://www.sec.gov/Archives/edgar/data/5272/000119312518016778/d512375d8k.htm, https://www.bloomberg.com/news/articles/2017-09-29/aig-sheds-too-big-to-fail-label-in-victory-for-ceo-carl-icahn, https://annual.aig.com/2018/president-and-ceo-letter, https://www.ft.com/content/3b9f9384-634c-11e8-a39d-4df188287fff, https://www.bloomberg.com/news/articles/2018-01-22/aig-to-buy-bermuda-reinsurer-validus-for-5-56-billion-in-cash, https://www.carriermanagement.com/news/2018/01/22/174817.htm, https://www.ft.com/content/20cade04-7483-11e8-aa31-31da4279a601, https://www.insurancejournal.com/news/national/2018/11/14/507502.htm, https://www.insurancejournal.com/news/international/2019/11/26/549587.html, https://www.businessinsurance.com/article/20190214/NEWS06/912326710/Duperreault-still-confident-in-AIG-turnaround-despite-2018-fourth-quarter-loss, "AIG chooses Women’s British Open for first title deal in golf", https://www.insurancejournal.com/news/national/2019/08/13/535634.htm, https://www.reuters.com/article/us-aig-results/aig-profit-beats-on-strong-underwriting-investment-income-idUSKCN1UX2CM, https://annual.aig.com/ui/2018/docs/AIG-2018-CEO-Letter.pdf, https://www.sportspromedia.com/news/all-blacks-lose-aig-sponsorship-2021-new-zealand-rugby, "History of American General Life Companies". [95] Later that year, activist investor Carl Icahn called for a breakup of AIG, describing the company as "too big to succeed". [111] The company announced plans in 2017 to reorganize its Commercial and Consumer segments into General Insurance and Life & Retirement, respectively. [35], In the early 2000s, AIG made significant investments in Russia as the country recovered from its financial crisis. Government commitments were fully recovered, and Treasury and the FRBNY to date had received a combined positive return of approximately $15.1 billion. 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). Guaranteed acceptance permanent coverage, ages 50 – 85, with no medical exams. [103] Due to previous calls in 2015 and 2016 to shrink or break up AIG, Duperreault announced his intention to grow AIG and maintain its multiline structure[101] as a provider of life and retirement solutions and non-life insurance,[104] outlining a strategy to focus on technology, "underwriting discipline," and diversification. SWOT and Porter’s Five analysis are also effectively discussed to analyze informative data such as cost, prices, revenue, and end-users. The sale reduced Treasury's stake in AIG to 61 percent, from 70 percent before the transaction. The company is headquartered at New York City and has its offices throughout the world. [6][7][8] [44] AIG then took on tens of billions of dollars of risk associated with mortgages. Peer Steinbrück, the German finance minister, called to say that it was unthinkable AIG could go down. On November 9, 2005, the company was said to have delayed its third-quarter earnings report because it had to restate earlier financial results, to correct accounting errors. [60][61][62] The AIG board accepted the terms of the Federal Reserve rescue package that same day, making it the largest government bailout of a private company in U.S. [132] The AIG board had announced on January 9 that the company would not join the lawsuit. [87], On October 12, 2012, AIG announced a five and a half year agreement to sponsor six New Zealand-based rugby teams, including the world champion All Blacks. [27], The 1970s presented many challenges for AIG as operations in the Middle East and Southeast Asia were curtailed or ceased altogether due to the changing political landscape. "[56], AIG had sold credit protection through its London unit in the form of credit default swaps (CDSs) on collateralized debt obligations (CDOs) but by 2008, they had declined in value. Christine Lagarde, the French finance minister, echoed his view: everyone was exposed to AIG, and its failure would be catastrophic.". Blackstone acted as an adviser for AIG during the 2007-2008 financial crisis. AIG extends partnership of the AIG Women's Open through 2025. [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. "[121] In 2019, AIG signed a five-year contract to be the title sponsor of Women's British Open, its first deal in golf. The company operates four principal business segments, including general insurance, life insurance and retirement … Industry veteran Brian Duperreault became the chairman of the new entity, and Richard Friesenhahn, the executive vice president of U.S. casualty lines at AIG, became CEO. AIG is proud sponsor of AIG Women’s Open (golf) and of New Zealand Rugby (AIG All blacks). [28] In 1984, AIG listed its shares on the New York Stock Exchange (NYSE). Copyright © 2021 American International Group, Inc. All rights reserved. The AIG is an American multinational insurance corporation and finance operation. [25] Two years later, Greenberg reorganized one of C.V. Starr's U.S. holdings into a successful multiple line carrier. American International Group, Inc.’s (AIG) General Insurance segment underperformed over recent periods compared with rating expectations and peers, but benefits from remediation efforts are becoming evident. [52][53] In January 2011, the Financial Crisis Inquiry Commission issued one of many critical governmental reports, deciding that AIG failed and was rescued by the government primarily because its enormous sales of credit default swaps were made without putting up the initial collateral, setting aside capital reserves, or hedging its exposure, which one analyst considered a profound failure in corporate governance, particularly its risk management practices. Greenberg was ousted amid an accounting scandal in February 2005. Policies and annuities  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). Variable annuities are distributed by AIG Capital Services, Inc. (ACS). Issuing companies AGL and US Life are responsible for financial obligations of insurance products. [84], The United States Department of the Treasury announced an offering of 188.5 million shares of AIG for a total of $5.8 billion on May 7, 2012. Life & Retirement includes Group Retirement, Individual Retirement, Life, and Institutional Markets. [115] Also in 2018 AIG acquired Ellipse, a UK life insurance business,[118] from Munich Re. Annual Report Pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934 For the fiscal year ended December 31, 2017", "Treasury Sells Final Shares of AIG Common Stock, Positive Return on Overall AIG Commitment Reaches $22.7 Billion", "Benmosche Exits Greenberg Jewel Linked to AIG Founding", "American International Group Inc (New York Stock Exchange)", "Foreign Office Files for China, 1949–1976", "AIG marks end of era with $6.45 billion AIA stake sale", "AMERICAN INTERNATIONAL GROUP, INC., THE BLACKSTONE GROUP L.P. AND KISSINGER ASSOCIATES, INC. [133] After hearing thirty-seven days of testimony from Ben Bernanke, Timothy Geithner, Hank Paulson and others,[134] Judge Thomas C. Wheeler ruled that the Federal Reserve payment to AIG had been an illegal exaction, as the Federal Reserve Act did not authorize the New York Fed to nationalize a corporation by owning its stock. "[36], In November 2004, AIG reached a $126 million settlement with the U.S. Securities and Exchange Commission and the Justice Department partly resolving a number of regulatory matters, and the company needed to continue to cooperate with investigators continuing to probe the sale of a non-traditional insurance product. [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. "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?' [26] In 1968, Starr named Greenberg his successor. Help protect your loved ones with term life insurance. It has been and will continue to be the policy of American International Group, Inc., its subsidiaries and affiliates to be an Equal Opportunity Employer. "[120], Duperreault and Zaffino set out a turnaround strategy for the General Insurance business in 2017 and began execution. [77] In September 2010 AIG sold AIG Starr and AIG Edison, two of its Japan-based companies, to Prudential Financial for $4.2 billion in cash and $600 million in assumption of third party AIG debt by Prudential. [108] In 2018, AIG established Fortitude Re to hold most of its run-off portfolios and late in 2018 sold a minority stake to The Carlyle Group. JavaScript has been disabled on this browser. [16] By the late 1920s, AAU had branches throughout China and Southeast Asia, including the Philippines, Indonesia, and Malaysia. [70][71] On April 16, 2009, AIG announced plans to sell its 21st Century Insurance subsidiary to Farmers Insurance Group for $1.9 billion. For a seamless experience, please enable the option to run JavaScript on this device, You're using an old version of Internet Explorer. [128] In the third quarter of 2012, the global property-and-casualty insurance business, Chartis, was renamed AIG Property Casualty. "As public fumes, AIG says will not sue US over bailout", "Closing Arguments Loom in AIG Bailout Trial", "In A.I.G. American International Group UK Limited is registered in England: company number 10737370. 43 ], AIG received the first foreign insurance license granted in over 40 years the! Received a combined positive return of approximately $ 15.1 billion to 61 percent from! 500 list trigger on AIG: what did the government get for its $ 85?. [ 128 ] in 1984, AIG offers property casualty insurance, Life & Retirement the. And how they May help you get ready for Retirement and the FRBNY to date received! Prepare for the uncertainties of tomorrow its $ 85 billion, problem-solving and... Shows in-depth discussions increase client satisfaction organization serving commercial, institutional and individual.. Trillion in assets and Treasury and the FRBNY to date had received a positive. Is proud to support all the professionals taking care of financial futures 2000,. 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