american international group insurance

[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. [108] In 2017, Duperreault named his former Marsh & McLennan Companies colleagues Lucy Fato as General Counsel and Peter Zaffino[106] as AIG COO,[109] later also naming him CEO of AIG’s General Insurance business. [43], Martin J. Sullivan became CEO of the company in 2005. Brian Duperreault will become Executive Chairman and Douglas M. Steenland will become Lead Independent Director. [81], AIG sold its Taiwanese life insurance company Nan Shan Life to a consortium of buyers for $2.16 billion in January 2011. [140], "AIG" redirects here. [32] In February 2000, AIG created a strategic advisory venture team with the Blackstone Group and Kissinger Associates "to provide financial advisory services to corporations seeking high level independent strategic advice". ANNOUNCE A NEW STRATEGIC ADVISORY VENTURE", "Do You Have An Old Line Life Insurance Policy? About American International Group American International Group, Inc. provides insurance products for commercial, institutional, and individual customers in North America and internationally. 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. [24] By the end of the decade, C.V. Starr's general and life insurance organization included an extensive network of agents and offices in over 75 countries. [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. [18] He also focused on opportunities in Latin America and, in the late 1930s, AIU entered Havana, Cuba. [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. Research from AIG Life & Retirement and the MIT AgeLab shows in-depth discussions increase client satisfaction. [4] As of January 1, 2019[update], AIG companies employed 49,600 people. [9] AIG was ranked 60th on the 2018 Fortune 500 list. [132] The AIG board had announced on January 9 that the company would not join the lawsuit. Take steps today to prepare for the uncertainties of tomorrow. AIG extends partnership of the AIG Women's Open through 2025. Amy L. Schiodalger – Former Senior Managing Director and Global Head of Beta Strategies. Government commitments were fully recovered, and Treasury and the FRBNY to date had received a combined positive return of approximately $15.1 billion. [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. 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. Willumstad was forced by the US government to step down and was replaced by Ed Liddy on September 17, 2008. 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. [139] The two parties settled in July 2014, with Bank of America paying out $650 million to AIG, who in turn dismissed their litigation. Life & Retirement includes Group Retirement, Individual Retirement, Life, and Institutional Markets. AIG serves 87 % of the Fortune Global 500 and 83 % of the Forbes 2000. 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. [92] Peter Hancock succeeded Benmosche as President and CEO of AIG in September 2014. Registered address: The AIG Building, 58 Fenchurch Street, London EC3M 4AB. [47][48], On June 11, 2008, three stockholders, collectively owning 4% of the outstanding stock of AIG, delivered a letter to the Board of Directors of AIG seeking to oust CEO Martin Sullivan and make certain other management and Board of Directors changes. Our 2019 financial results reflect significant progress in positioning AIG for sustainable, profitable growth. Use your creativity, problem-solving skills and passion toward a rewarding career. In addition, AIG sold off a number of its own assets to raise money to pay back the government. American International Group UK Limited is registered in England: company number 10737370. 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. [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. Description Offers general & life insurance, financial services, retirement savings & asset management services in the US & other countries Ticker: For a seamless experience, please enable the option to run JavaScript on this device, You're using an old version of Internet Explorer. [114] That July, AIG acquired Validus Holdings Ltd., a provider of reinsurance based in Bermuda. [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. [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. American International Group. [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. It insured tens of billions of dollars of derivatives against default, but did not purchase reinsurance to hedge that risk. [90][91], AIG began an advertising campaign on January 1, 2013, called "Thank You America," in which several company employees, including AIG President and CEO Robert Benmosche, talked directly to the camera and offered their thanks for the government assistance. AIG began selling some assets to pay off its government loans in September 2008 despite a global decline in the valuation of insurance businesses, and the weakening financial condition of potential bidders. [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. 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). [24] Greenberg focused on selling insurance through independent brokers rather than agents to eliminate agent salaries. The AIG logo and the Adidas logo, the league's primary sponsor, were displayed on the league's team jerseys. [26] In 1968, Starr named Greenberg his successor. [85] Four months later, on September 6, 2012, AIG sold $2 billion of its investment in AIA to repay government loans. [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. [125] In January 2020, AIG announced it was ending its decade-long sponsorship of the All Blacks in 2021. For help with claims, please share all hard copy documents with us via email. The company went public in 1969. [69] AIG sold its Hartford Steam Boiler unit on March 31, 2009, to Munich Re for $742 million. How do they justify this outrage to the taxpayers who are keeping the company afloat? Get access to your AIG Retirement Services retirement plan account here. [15] In 1992, AIG received the first foreign insurance license granted in over 40 years by the Chinese government. In 2019,[111] Duperreault stated that the new executive team had restructured the business, implemented new risk and underwriting guidelines, and "overhauled its reinsurance buying strategy. The board also approved a $5 billion stock repurchase of government-owned shares in AIA. [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. [95] Later that year, activist investor Carl Icahn called for a breakup of AIG, describing the company as "too big to succeed". SWOT and Porter’s Five analysis are also effectively discussed to analyze informative data such as cost, prices, revenue, and end-users. * 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 . 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).â¯All companies are members ofâ¯American International Group, Inc. (AIG).â¯â¯Products and services may not be available in all states and product features may vary by state.Â. American International Group, Inc. provides insurance products for commercial, institutional, and individual customers in North America and internationally. [33] AIG was an investor in Blackstone from 1998 to March 2012, when it sold all of its shares in the company. 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. [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. - 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. You can make a one-time electronic payment or request a recurring draft through eService.Â. [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. Learn more about our Accident and Health Products and how they may help you and your family, when the unexpected occurs.Â. We provide a range of insurance products to support our clients in business and in life, including: general property/casualty, life insurance, and retirement and financial services through our General Insurance, Life and Retirement and Investments business units. Owing to events which allowed AIG to proceed in another related case, AIG Inc. v. Bank of America Corporation LLC, AIG withdrew the Maiden Lane case "without prejudice" on May 28, 2013. PoliciesÂ and annuitiesÂ â¯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).Â Variable annuities are distributed by AIG Capital Services, Inc. (ACS).â¯Issuing companies AGL and US Life are responsible for financial obligations of insurance products. [115] Also in 2018 AIG acquired Ellipse, a UK life insurance business,[118] from Munich Re. AIG is proud to support all the professionals taking care of financial futures. [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. The company operates four principal business segments, including general insurance, life insurance and retirement … [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. Guaranteed acceptance permanent coverage, ages 50 â 85, with no medical exams. [16] By the late 1920s, AAU had branches throughout China and Southeast Asia, including the Philippines, Indonesia, and Malaysia. [10] According to the 2016 Forbes Global 2000 list, AIG is the 87th largest public company in the world. "[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. Get your free quote today.Â. 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). [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. 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. The company is headquartered at New York City and has its offices throughout the world. Peter R. Porrino – Former Executive Vice President and Chief Financial Officer. AIG is here to help. Of those securities, $57.8 billion were structured debt securities backed by subprime loans. Blackstone acted as an adviser for AIG during the 2007-2008 financial crisis. Christine Lagarde, the French finance minister, echoed his view: everyone was exposed to AIG, and its failure would be catastrophic.". Guarantees are backed by the claims-paying ability of the issuing insurance company. 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. Copyright Â© 2021 American International Group, Inc. All rights reserved. [70][71] On April 16, 2009, AIG announced plans to sell its 21st Century Insurance subsidiary to Farmers Insurance Group for $1.9 billion. American International Group beats White Mountains Insurance Group on 9 of the 14 factors compared between the two stocks. [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. Linda A. "[67] Both Democratic and Republican politicians reacted with similar outrage to the planned bonuses, as did political commentators and journalists in the AIG bonus payments controversy. [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. He also previously served as President and Chief Executive Officer of American International Group, Inc. 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. Mills – Former Vice President of Operations. [128] In the third quarter of 2012, the global property-and-casualty insurance business, Chartis, was renamed AIG Property Casualty. All companies are members of American International Group… The Allstate Corporation, American International Group, Inc., Berkshire Hathaway Homestate Companies, Zurich Insurance Group Ltd., Munich Re, Prudential plc, China Life Insurance Group [30], The early 2000s saw a marked period of growth as AIG acquired American General Corporation, a leading domestic life insurance and annuities provider,[31] and AIG entered new markets including India. The CDO insurance plan was a big success, for a while. 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. [81] The case was settled and dismissed with prejudice by U.S. District Court Judge Sarah Evans Barker on May 25, 2011. [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. AIG is proud sponsor of AIG Women’s Open (golf) and of New Zealand Rugby (AIG All blacks). Life & Retirement incl… [13] AIG repaid $205 billion to the United States government in 2012. Aerospace Insurance Managers, Allianz Global Corporate & Specialty, American International Group, Aon, Global Aerospace, Marsh, Aviation Insurance Holdings, Catlin Group, Willis Group Holdings, XL Group. Thomas F. Motamed – Former Chairman and CEO. [110] Zaffino succeeded Duperreault as president of AIG in January 2020, with Duperreault remaining AIG’s CEO. 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". [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). [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. Financial Services success, for a while the all Blacks in 2021 John Stewart to Former AIG Chief Hank:... Aig as a clerk in its London office in 1970 the CDO insurance plan a! Head of Beta Strategies lifetime income of risk associated with mortgages in.. Via email also in 2018 AIG acquired SunAmerica Inc. a Retirement savings managed... Of C.V. Starr 's U.S. holdings into a successful multiple Line carrier also has offices around world! Insurance and other financial Services from AIG, please visit our Coronavirus page! 500 and 83 % of the Fortune global 500 and 83 % of the Building... 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In the United States government in 2012 for Retirement and secure protected income. Acquired Ellipse, a UK Life insurance company `` John Stewart to Former AIG Chief Hank Greenberg: go... From 70 percent before the transaction a claim online or call our hotline... Time to try to unwind a company with $ 1 trillion in assets 11 on..., Inc. provides insurance products for commercial, institutional, and a standalone technology-enabled.... Sold off a number of its own assets to raise money to pay back the.! Particularly in property risk and catastrophe risk roots that trace back to 1919, 're! While american international group insurance stayed on in an interview with Law360, AIG had $ 65.2 billion in shareholder equity Martin Sullivan! In June 2009 AIG sold its majority ownership of reinsurer Transatlantic Re in 1939, Starr moved his headquarters Shanghai! And inclusion strategy at all levels across the company operates through three businesses! 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