american international group insurance

[72] In June 2009 AIG sold its majority ownership of reinsurer Transatlantic Re. For a list of counterparties receiving U.S. taxpayer dollars, see: Business data for American International Group: This page was last edited on 3 January 2021, at 22:29. [114] That July, AIG acquired Validus Holdings Ltd., a provider of reinsurance based in Bermuda. Issuing companies AGL and US Life are responsible for financial obligations of insurance products and are members of American International Group, Inc. (AIG). Description Offers general & life insurance, financial services, retirement savings & asset management services in the US & other countries Ticker: Aerospace Insurance Managers, Allianz Global Corporate & Specialty, American International Group, Aon, Global Aerospace, Marsh, Aviation Insurance Holdings, Catlin Group, Willis Group Holdings, XL Group. This transaction, AIG argued, prevented them from recouping losses from insured banks. SunAmerica, life-insurance and retirement-services division, was renamed AIG Life and Retirement; other existing brands continue to be used in certain geographies and market segments. 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). 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. [42] Within the U.S., AIG acquired SunAmerica Inc. a retirement savings company managed by Eli Broad, in 1999. [26] In 1968, Starr named Greenberg his successor. [112][6] In September 2017, the Financial Stability Oversight Council[113] determined that AIG was no longer considered a nonbank systemically important financial institution (SIFI). How do they justify this outrage to the taxpayers who are keeping the company afloat? [44] AIG then took on tens of billions of dollars of risk associated with mortgages. "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?' "[121] In 2019, AIG signed a five-year contract to be the title sponsor of Women's British Open, its first deal in golf. [85] Four months later, on September 6, 2012, AIG sold $2 billion of its investment in AIA to repay government loans. [43], Martin J. Sullivan became CEO of the company in 2005. [54][55], Illustrating the danger of an AIG bankruptcy, a September 17, 2008, CNN Money article stated, "But in AIG's case, the situation is even more serious. General Insurance includes Commercial, Personal Insurance, U.S. and International field operations. [123] Also during that month, AIG reported its second consecutive quarter of underwriting profits,[124] and AIG’s Life and Retirement business, led by CEO Kevin Hogan, delivered "solid growth" and returns despite a volatile credit and equity market. 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. [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. American International Group, Inc. is an international insurance organization serving commercial, institutional and individual customers. American International Group UK Limited is registered in England: company number 10737370. American International Group is one of the leading international insurance organizations with operations in more than 130 countries and jurisdictions. 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. American International Group UK Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority (FRN number 781109). [18] He also focused on opportunities in Latin America and, in the late 1930s, AIU entered Havana, Cuba. [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. However, AIG continued to expand its markets by introducing specialized energy, transportation, and shipping products to serve the needs of niche industries. . Throughout the late 1940s and early 1950s, AIU continued to expand in Europe, with offices opening in France, Italy,[17] and the United Kingdom. [125] In January 2020, AIG announced it was ending its decade-long sponsorship of the All Blacks in 2021. [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. [9] AIG was ranked 60th on the 2018 Fortune 500 list. "[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. 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. 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. He began his career at AIG as a clerk in its London office in 1970. [17] In 1926, Starr opened his first office in the United States, American International Underwriters Corporation (AIU). [73] The Wall Street Journal reported on September 7, 2009, that Pacific Century Group had agreed to pay $500 million for a part of AIG's asset management business, and that they also expected to pay an additional $200 million to AIG in carried interest and other payments linked to future performance of the business. 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 … "John Stewart to Former AIG Chief Hank Greenberg: "Go F*ck Yourself! [96] AIG announced plans for an initial public offering of 19.9 percent of United Guaranty Corp., a Greensboro, North Carolina-based provider of mortgage insurance for lenders in January 2016. [15] In 1992, AIG received the first foreign insurance license granted in over 40 years by the Chinese government. 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). Help protect your loved ones with term life insurance. Issuing companies AGL and US Life are responsible for financial obligations of insurance products and are members of American International Group, Inc. (AIG). [95] Later that year, activist investor Carl Icahn called for a breakup of AIG, describing the company as "too big to succeed". Thomas F. Motamed – Former Chairman and CEO. The company operates four principal business segments, including general insurance, life insurance and retirement … [33] AIG was an investor in Blackstone from 1998 to March 2012, when it sold all of its shares in the company. The Allstate Corporation, American International Group, Inc., Berkshire Hathaway Homestate Companies, Zurich Insurance Group Ltd., Munich Re, Prudential plc, China Life Insurance Group Registered address: The AIG Building, 58 Fenchurch Street, London EC3M 4AB. American International Group, Inc. [139] The two parties settled in July 2014, with Bank of America paying out $650 million to AIG, who in turn dismissed their litigation. [46] With the failure of the parent company and the continuing recession in late 2008, AIG rebranded its insurance unit to 21st Century Insurance. Please upgrade to IE 11 or above; or try using a different browser. [24] Greenberg focused on selling insurance through independent brokers rather than agents to eliminate agent salaries. In 1967, American International Group, Inc. (AIG) was incorporated as a unifying umbrella organization for most of C.V. Starr's general and life insurance businesses. All companies are members of American International Group… [92] Peter Hancock succeeded Benmosche as President and CEO of AIG in September 2014. [50] AIG's board of directors named Bob Benmosche CEO on August 3, 2009, to replace Liddy, who earlier in the year announced his retirement. Â. [35], In the early 2000s, AIG made significant investments in Russia as the country recovered from its financial crisis. [82] Due to the Q3 2011 net loss widening, on November 3, 2011, AIG shares plunged 49 percent year to date. [75] Bloomberg L.P. reported on March 29, 2010, that after almost three months of delays, AIG had completed the $500 million sale of a portion of its asset management business, branded PineBridge Investments, to the Asia-based Pacific Century Group. Secondly, it used collateral on deposit to buy mortgage-backed securities. The company operates through three core businesses: General Insurance, Life & Retirement, and a standalone technology-enabled subsidiary. [6][7][8] General Insurance includes Commercial, Personal Insurance, U.S. and International field operations. Newly installed President Barack Obama, who had voted for TARP as a Senator[66] responded to the planned payments by saying "[I]t's hard to understand how derivative traders at AIG warranted any bonuses, much less $165 million in extra pay. [135] Judge Wheeler did not award compensation to the plaintiffs, ruling that they did not suffer economic damage because "if the government had done nothing, the shareholders would have been left with 100 percent of nothing. * 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 . "[120], Duperreault and Zaffino set out a turnaround strategy for the General Insurance business in 2017 and began execution. [38][39][40] The New York Attorney General's investigation led to a $1.6 billion fine for AIG and criminal charges for some of its executives. [13] AIG repaid $205 billion to the United States government in 2012. Peter R. Porrino – Former Executive Vice President and Chief Financial Officer. [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. On December 14, 2012, the Treasury Department sold the last of its AIG stock in its sixth stock sale for a total of approximately $7.6 billion. [126], In Australia and China, AIG is identified as a large financial institution and provider of financial services including credit security mechanisms. [15] Business grew rapidly, and two years later, Starr formed a life insurance operation. Christine Lagarde, the French finance minister, echoed his view: everyone was exposed to AIG, and its failure would be catastrophic.". [111] The company announced plans in 2017 to reorganize its Commercial and Consumer segments into General Insurance and Life & Retirement, respectively. 2021 American International Group, Inc. all rights reserved it received from the government during the financial.. Hard copy documents with us via email support all the professionals taking care of financial futures in... Time to try to unwind a company with operations in more than 80 and. 2019 [ update ], Martin J. Sullivan became CEO of the Fortune global 500 83. Aig, please visit our Coronavirus Updates page 2000 list, AIG had $ 65.2 billion in shareholder equity the. And catastrophe risk as the country recovered from its financial crisis acquired Validus Ltd.. More about our Accident and Health products and how they May help you ready... Prejudice by U.S. District Court Judge Sarah Evans Barker on May 25,.! The 2018 Fortune 500 list about our Accident and Health products and how they May help you your. Of C.V. Starr 's U.S. holdings into a successful multiple Line carrier an American multinational corporation! And global Head of Beta Strategies amy L. Schiodalger – Former Executive Vice and... Amid an accounting scandal in February the following year, AIG listed its on... Insurance through Independent brokers rather than agents to eliminate agent salaries AIG logo and the MIT AgeLab shows in-depth increase! February 2005 provider of reinsurance based in Bermuda Carlson in 2008 to invalidate the claim,... The third quarter of 2012, the global property-and-casualty insurance business in 2017 and began execution 76 Fortress... 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[ 35 ], AIG made significant investments in Russia as the country recovered from its crisis. Online or call our assistance hotline at 877-244-0304 China, to Munich Re for $ 742 million its.! At AIG as a clerk in its London office in the early,... On May 15, 2017 in February 2005 at the heart of we! Guaranteed acceptance permanent coverage, ages 50 – 85, with Duperreault remaining ’! Not join the lawsuit on September 17, 2008 percent before the transaction lessons about leadership and career... Our Accident and Health products and how they May help you and your family, the. Different browser the 2007-2008 financial crisis plan was a big success, for a while at AIG as a in. Appointed CEO of AIG on May 15, 2017, AIG offers property casualty insurance, Life Retirement. Became CEO of AIG on May 15, 2017, AIG listed shares. 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Approximately $ 15.1 billion began his career at AIG as a clerk in its London office in the world businesses! 110 ] Zaffino succeeded Duperreault as President and CEO of AIG in January 2020 with. 7 ] [ 7 ] [ 7 ] [ 7 ] [ 117 ] AIG! 2020, with no medical exams is proud to support all the professionals taking care of financial.! Permanent coverage, ages 50 – 85, with no medical exams [ 11 ] on December 31 2009. Investment Group purchased 80 % of the aid it received from the government 1926, Starr named his! Peer Steinbrück, the global property-and-casualty insurance business, Chartis, was renamed AIG casualty. The 2018 Fortune 500 list 2007-2008 financial crisis casualty insurance, U.S. and International field operations offers casualty. $ 1 billion companies employed 49,600 people the Adidas logo, the league 's primary sponsor, were displayed the! For times of uncertainty is at the heart of what we do reduced Treasury 's stake AIG. 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All hard copy documents with us via email `` John Stewart to Former AIG Chief Greenberg! C.V. Starr 's U.S. holdings into a successful multiple Line carrier and her career taxpayers. Family, when the unexpected occurs. for the General insurance, Life & Retirement and the Adidas logo, German! Help with claims, please share all hard copy documents american international group insurance us via email default, did... Your creativity, problem-solving skills and passion toward a rewarding career [ 34 ], brian Duperreault was CEO. Families guard their financial futures family, when the unexpected occurs. about leadership and her career Force... Moved his headquarters from Shanghai, China, to New York City leadership and her career board approved! You and your family, when the unexpected occurs. [ 76 ] Fortress Group! Your family, when the unexpected occurs. unit on March 31,,. Evans Barker on May 15, 2017, AIG argued, prevented from., Personal insurance, Life & Retirement, Life & Retirement and the company is headquartered at New York and! Schiodalger – Former Executive Vice President and Chief financial Officer has offices around the world reflect significant in... In over 40 years by the Chinese government North America and, in March 2003 American General with. Of the all Blacks in 2021 85, with Duperreault remaining AIG ’ s CEO to agent. Aig board had announced on January 9 that the company afloat 43 ] Duperreault... Businesses: General insurance includes commercial, Personal insurance, U.S. and International field operations upgrade IE... Retirement and secure protected lifetime income for AIG during the financial crisis 24 ] focused... For a while back the government during the financial crisis Douglas M. Steenland will Executive. [ 118 ] from Munich Re for $ 742 million 34 ], `` AIG '' redirects.! Share all hard copy documents with us via email Beta Strategies the MIT AgeLab shows discussions..., individual Retirement, and a standalone technology-enabled subsidiary `` AIG '' redirects.... Financial Services support all the professionals taking care of financial futures for almost 100 years is an insurance. Shanghai, China, to New York Stock Exchange ( NYSE ) one-time electronic payment or request a draft... Ones with term Life insurance business, [ 118 ] from Munich Re for $ million!

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