[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. We’re hiring. [98] AIG also began a joint venture with Hamilton Insurance Group and Two Sigma Investments to serve the insurance needs of small- to medium-sized enterprises. Registered address: The AIG Building, 58 Fenchurch Street, London EC3M 4AB. [5] The company operates through three core businesses: General Insurance, Life & Retirement, and a standalone technology-enabled subsidiary. [45], AIG purchased the remaining 39% that it did not own of online auto insurance specialist 21st Century Insurance in 2007 for $749 million. The company is much larger and complex than Lehman Brothers and its assets hitting the market all at once would likely cause worldwide chaos and send values plummeting. [29] Throughout the 1990s, AIG developed new sources of income through diverse investments, including the acquisition of International Lease Finance Corporation (ILFC), a provider of leased aircraft to the airline industry. Why the Fed pulled the trigger on AIG: What did the government get for its $85 billion? [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. 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. [24] Greenberg focused on selling insurance through independent brokers rather than agents to eliminate agent salaries. American International Group is one of the leading international insurance organizations with operations in more than 130 countries and jurisdictions. Experts question whether there are even enough qualified buyers out there to digest the company and its subsidiaries. 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. Ronald will help accelerate AIG’s diversity, equity and inclusion strategy at all levels across the company. Help protect your loved ones with term life insurance. In an interview with Law360, AIG's Lucy Fato shares lessons about leadership and her career. [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. Amy L. Schiodalger – Former Senior Managing Director and Global Head of Beta Strategies. [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. American International Group. Get your free quote today.Â. [128] In the third quarter of 2012, the global property-and-casualty insurance business, Chartis, was renamed AIG Property Casualty. [115] Also in 2018 AIG acquired Ellipse, a UK life insurance business,[118] from Munich Re. 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). Issuing companies AGL and US Life are responsible for financial obligations of insurance products and are members of American International Group, Inc. (AIG). [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. 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. [116][117] The deal "brought in fresh underwriting talent," particularly in property risk and catastrophe risk. [19] The steady growth of the Latin American agencies proved significant as it would offset the decline in business from Asia due to the impending World War II. [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. [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. The company is headquartered at New York City and has its offices throughout the world. 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. [17] In 1926, Starr opened his first office in the United States, American International Underwriters Corporation (AIU). American International Group, Inc. history.[63][64]. [140], "AIG" redirects here. As of January 1, 2019 , AIG companies employed 49,600 people. * 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 . Brian Duperreault will become Executive Chairman and Douglas M. Steenland will become Lead Independent Director. Â. [42] 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). [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. 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