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Wikipedia

American International Group

April 11, 2023

"AIG" redirects here. For other uses, see AIG (disambiguation).

American International Group, Inc. (AIG) is an American multinational finance and insurance corporation with operations in more than 80 countries and jurisdictions.[4] As of January 1, 2019, AIG companies employed 49,600 people.[5] 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. Life & Retirement includes Group Retirement, Individual Retirement, Life, and Institutional Markets.[6][7][8] AIG is a sponsor of the AIG Women's Open golf tournament.

American International Group, Inc.
AIG Headquarters in New York City
TypePublic
IndustryFinancial services
FoundedDecember 19, 1919; 103 years ago (1919-12-19)[1]
Shanghai, China
FounderCornelius Vander Starr
HeadquartersNew York City, New York, U.S.
Area served
Worldwide
Key people
Brian Duperreault
(Executive Chairman)
Peter Zaffino
(President and CEO)
Products
Revenue US$52.06 billion (2021)
US$5.92 billion (2021)
US$9.359 billion (2021)
Total assets US$596.11 billion (2021)
Total equity US$65.96 billion (2021)
Number of employees
36,600 (2021)
SubsidiariesTATA AIG
Websitewww.aig.com
Footnotes / references
[2][3]

AIG's corporate headquarters are in New York City and the company also has offices around the world. AIG serves 87% of the Fortune Global 500 and 83% of the Forbes 2000.[9] AIG was ranked 60th on the 2018 Fortune 500 list.[10] According to the 2016 Forbes Global 2000 list, AIG is the 87th largest public company in the world.[11] On December 31, 2017, AIG had $65.2 billion in shareholder equity.[12]

During the financial crisis of 2007–2008, the Federal Reserve bailed the company out for $180 billion and assumed controlling ownership stake, with the Financial Crisis Inquiry Commission correlating AIG's failure with the mass sales of unhedged insurance.[13] AIG repaid $205 billion to the United States government in 2012.[14]

History

 
North China Daily News Building on the Bund, Shanghai (elevation): the original home of what became AIG; now the AIA building.
 
70 Pine Street was known as the American International Building.

1919–1945: Early years

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.[15] Business grew rapidly, and two years later, Starr formed a life insurance operation.[16] By the late 1920s, AAU had branches throughout China and Southeast Asia, including the Philippines, Indonesia, and Malaysia.[17] In 1926, Starr opened his first office in the United States, American International Underwriters Corporation (AIU).[18] He also focused on opportunities in Latin America and, in the late 1930s, AIU entered Havana, Cuba.[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.[15] In 1939, Starr moved his headquarters from Shanghai, China, to New York City.[20][21]

1945–1959: International and domestic expansion

After World War II, American International Underwriters (AIU) entered Japan[15] and Germany,[22] to provide insurance for American military personnel. Throughout the late 1940s and early 1950s, AIU continued to expand in Europe, with offices opening in France, Italy,[17] and the United Kingdom.[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.[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.[24]

1959–1979: Reorganization and specialization

In 1960, C.V. Starr hired Maurice R. Greenberg, known as Hank, to develop an international accident and health business.[25] Two years later, Greenberg reorganized one of C.V. Starr's U.S. holdings into a successful multiple line carrier.[24] Greenberg focused on selling insurance through independent brokers rather than agents to eliminate agent salaries. 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. 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.[26] In 1968, Starr named Greenberg his successor. The company went public in 1969.[27]

 
AIG Headquarters in New York

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.[28]

1979–2000: New opportunities and directions

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.[28] In 1984, AIG listed its shares on the New York Stock Exchange (NYSE).[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.[15] In 1992, AIG received the first foreign insurance license granted in over 40 years by the Chinese government. Within the U.S., AIG acquired SunAmerica Inc. a retirement savings company managed by Eli Broad, in 1999.[30]

2000–2012: Further expansion and decline

 
The AIG Towers of Woodland Hills, Los Angeles.

Growth

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.[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".[33] AIG was an investor in Blackstone from 1998 to March 2012, when it sold all of its shares in the company. Blackstone acted as an adviser for AIG during the 2007–2008 financial crisis.[34]

In March 2003 American General merged with Old Line Life Insurance Company.[35]

In the early 2000s, AIG made significant investments in Russia as the country recovered from its financial crisis. In July 2003, Maurice Greenberg met with Putin to discuss AIG's investments and improving U.S.-Russia economic ties, in anticipation of Putin's meeting with U.S. President George W. Bush later that year."[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.[37]

Accounting scandal

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. Greenberg was ousted amid an accounting scandal in February 2005.[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.[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.[42] 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.[43]

Expansion to the credit default insurance market

Martin J. Sullivan became CEO of the company in 2005. He began his career at AIG as a clerk in its London office in 1970.[44] AIG then took on tens of billions of dollars of risk associated with mortgages. It insured tens of billions of dollars of derivatives against default, but did not purchase reinsurance to hedge that risk. Secondly, it used collateral on deposit to buy mortgage-backed securities. 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.[45]

AIG purchased the remaining 39% that it did not own of online auto insurance specialist 21st Century Insurance in 2007 for $749 million.[46] With the failure of the parent company and the continuing recession in late 2008, AIG rebranded its insurance unit to 21st Century Insurance.[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. This letter was the latest volley in what The Wall Street Journal called a "public spat" between the company's board and management on one hand, and its key stockholders and former CEO Maurice Greenberg on the other hand.[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. Willumstad was forced by the US government to step down and was replaced by Ed Liddy on September 17, 2008.[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.[51]

2008 liquidity crisis and government bailout

Further information: Subprime mortgage crisis and Financial crisis of 2007–08

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.[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.[13] Other analysts believed AIG's failure was possible because of the sweeping deregulation of over-the-counter (OTC) derivatives, including credit default swaps, which effectively eliminated federal and state regulation of these products, including capital and margin requirements that would have lessened the likelihood of AIG's failure.[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. 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. Experts question whether there are even enough qualified buyers out there to digest the company and its subsidiaries."[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.[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. Of those securities, $57.8 billion were structured debt securities backed by subprime loans.[57][59] As a result, AIG's credit rating was downgraded and it was required to post additional collateral with its trading counter-parties, leading to a liquidity crisis that began on September 16, 2008, and essentially bankrupted all of AIG. The New York United States Federal Reserve Bank (led by Timothy Geithner who would later become Treasury secretary) stepped in, announcing creation of a secured credit facility, initially of up to $85 billion to prevent the company's collapse, enabling AIG to deliver additional collateral to its credit default swap trading partners. 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.[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. history.[63][64]

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.[65] Total bonuses for the financial unit could reach $450 million, and bonuses for the entire company could reach $1.2 billion. Newly inaugurated 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. How do they justify this outrage to the taxpayers who are keeping the company afloat?"[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.

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.[68] In December 2009, AIG formed international life insurance subsidiaries, American International Assurance Company, Limited (AIA) and American Life Insurance Company (ALICO), which were transferred to the Federal Reserve Bank of New York, to reduce its debt by $25 billion.[69] AIG sold its Hartford Steam Boiler unit on March 31, 2009, to Munich Re for $742 million.[70][71] On April 16, 2009, AIG announced plans to sell its 21st Century Insurance subsidiary to Farmers Insurance Group for $1.9 billion.[72] In June 2009 AIG sold its majority ownership of reinsurer Transatlantic Re.[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.[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.[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.[76] Fortress Investment Group purchased 80% of the interest in financing company American General Finance in August 2010.[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.[78] On November 1, 2010, AIG raised $36.71 billion from both the sale of ALICO and its IPO of AIA. Proceeds went to repay some of the aid it received from the government during the financial crisis.[79]

AIG sold its Taiwanese life insurance company Nan Shan Life to a consortium of buyers for $2.16 billion in January 2011.[80] Due to the Q3 2011 net loss widening, on November 3, 2011, AIG shares plunged 49 percent year to date. The insurer's board approved a share buyback of as much as $1 billion.[81]

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.[82]

2012–2016: Modern era

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. The sale reduced Treasury's stake in AIG to 61 percent, from 70 percent before the transaction.[83] Four months later, on September 6, 2012, AIG sold $2 billion of its investment in AIA to repay government loans. The board also approved a $5 billion stock repurchase of government-owned shares in AIA.[84] The next week, on September 14, 2012, the Department of Treasury completed its fifth sale of AIG common stock, with proceeds of approximately $20.7 billion, reducing the Treasury's ownership stake in AIG to approximately 15.9 percent from 53 percent. Government commitments were fully recovered, and Treasury and the FRBNY to date had received a combined positive return of approximately $15.1 billion.[85]

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. The AIG logo and the Adidas logo, the league's primary sponsor, were displayed on the league's team jerseys.[86]

The U.S. Department of the Treasury in December 2012 published an itemized list of the loans, stock purchases, special purpose vehicles (SPVs) and other investments engaged in with AIG, the amount AIG paid back and the positive return on the loans and investments to the government.[87] The Treasury said that it and the Federal Reserve Bank of New York provided a total $182.3 billion to AIG, which paid back a total $205 billion, for a total positive return, or profit, to the government of $22.7 billion. In addition, AIG sold off a number of its own assets to raise money to pay back the government. 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. 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] 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.[88][89]

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.[90] Peter Hancock succeeded Benmosche as president and CEO of AIG in September 2014.[91] While Benmosche stayed on in an advisory role,[91] he died in February the following year.[92]

In June 2015, Taiwan's Nan Shan Life Insurance acquired a stake in AIG's subsidiary in Taiwan for a fee of $158 million.[93] Later that year, activist investor Carl Icahn called for a breakup of AIG, describing the company as "too big to succeed".[94] 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.[95] Later that year, Icahn won a seat on the board of directors and continued to pressure the company to split up its major divisions.[96] 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. 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.[97] In August 2016, AIG sold off United Guaranty, its mortgage-guarantee unit, to Arch Capital Group, a Bermuda-based insurer, for $3.4 billion.[98]

2017

Brian Duperreault was appointed CEO of AIG on May 15, 2017.[7] Duperreault, who previously worked at AIG from 1973 until 1994,[99] was hired as CEO from Hamilton Insurance Group[100] following Hancock's announcement in March 2017 that he would step down as AIG CEO under pressure after a period of disappointing financial results.[101] 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[99] as a provider of life and retirement solutions and non-life insurance,[102] outlining a strategy to focus on technology, "underwriting discipline," and diversification.[103]

2017[104] through early 2019[105] saw AIG hire a number of new upper level executives,[104] including 125 senior underwriters and most of Duperreault's direct subordinates.[106] In 2017, Duperreault named his former Marsh & McLennan Companies colleagues Lucy Fato as General Counsel and Peter Zaffino[104] as AIG COO,[107] later also naming him CEO of AIG's General Insurance business.[108] Zaffino succeeded Duperreault as president of AIG in January 2020, with Duperreault remaining AIG's CEO.[109] The company announced plans in 2017 to reorganize its Commercial and Consumer segments into General Insurance and Life & Retirement, respectively.[110][6] In September 2017, the Financial Stability Oversight Council[111] determined that AIG was no longer considered a nonbank systemically important financial institution (SIFI).[106] Duperreault commented in response that the development reflected "the progress made since 2008 to de-risk the company."[102]

2018–2021

AIG made a number of acquisitions in 2018.[112] That July, AIG acquired Validus Holdings Ltd., a provider of reinsurance based in Bermuda. The company was also a Lloyd's of London syndicate, involved in insurance-linked securities,[113] a specialist in US small commercial excess and surplus underwriting, and a provider of crop insurance.[114][115] The deal "brought in fresh underwriting talent," particularly in property risk and catastrophe risk.[113] Also in 2018 AIG acquired Ellipse, a UK life insurance business,[116] from Munich Re.[106] 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.[117] In November 2019, a Carlyle-managed fund and T&D Holdings acquired a majority interest in Fortitude Re, leaving AIG with a 3.5% stake "subject to required regulatory approvals and other customary closing conditions."[118]

Duperreault and Zaffino set out a turnaround strategy for the General Insurance business in 2017 and began execution. In 2019,[109] Duperreault stated that the new executive team had restructured the business, implemented new risk and underwriting guidelines, and "overhauled its reinsurance buying strategy."[119] In 2019, AIG signed a five-year contract to be the title sponsor of Women's British Open, its first deal in golf.[120] In 2020, the contract was extended to 2025 and the championship was rebranded as the AIG Women's Open,[121] with the largest LPGA major women's prize fund in 2021, totaling $US5.8 million.[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.[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.[125] In January 2020, AIG announced it was ending its decade-long sponsorship of the All Blacks in 2021.[126] On March 1, 2021, Peter Zaffino succeeded Brian Duperreault as AIG's CEO, with Duperreault becoming executive chairman of the board.[127] As part of AIG's 2020 plan to form an independent company of its life and retirement insurance business with a 2022 IPO, the company announced, in July 2021, that Blackstone Group would acquire 9.9% of the new unit for $2.2 billion cash. Blackstone and AIG also entered a long-term asset management agreement for about one quarter of AIG's life and retirement portfolio, set to increase in subsequent years.[128] After the spin-off, Corebridge Financial became an independent entity.

Business

In Australia and China, AIG is identified as a large financial institution and provider of financial services including credit security mechanisms.[citation needed] In the United States, AIG is the largest underwriter of commercial and industrial insurance.[129]

AIG offers property casualty insurance, life insurance, retirement products, mortgage insurance and other financial services.[130] In the third quarter of 2012, the global property-and-casualty insurance business, Chartis, was renamed AIG Property Casualty. 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.[130][131]

Sponsorships

AIG was the shirt sponsor of the English football club Manchester United F.C. between 2006 and 2010. AIG was the first American shirt sponsor of the club and AIG shirts were worn for one of the most concentrated periods of success in the club's history, coinciding with Sir Alex Ferguson's third great United team, which won three Premier League titles, as well as the Champions League, in the space of four seasons.[132]

Subsidiaries

Main article: Holdings of American International Group

Bailout litigation

  • Starr International Co v U.S. Federal Circuit Court of Appeals

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.[135] The AIG board had announced on January 9 that the company would not join the lawsuit.[136] After hearing thirty-seven days of testimony from Ben Bernanke, Timothy Geithner, Hank Paulson and others,[137] 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.[138] 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."[139]

Greenberg and the U.S. Government appealed to the Court of Appeals for the Federal Circuit, which ruled that Greenberg had no legal right to challenge the bailout because that right belonged to AIG, which in this case, chose not to sue.[140]

  • AIG Inc. et al. v. Maiden Lane II LLC

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.[141] 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. This transaction, AIG argued, prevented them from recouping losses from insured banks. 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.[142]

  • AIG Inc. v. Bank of America Corporation LLC

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.[142] The two parties settled in July 2014, with Bank of America paying out $650 million to AIG, who in turn dismissed their litigation.[143]

Corporate governance

Board of directors

In December 2022, the AIG board includes:[144][145][146]

See also

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Further reading

  • Angelides, Phil (2011). Financial Crisis Inquiry Report. DIANE Publishing. ISBN 978-1-4379-8072-1.
  • Cunningham, Lawrence A.; Greenberg, Maurice R. (2013). The AIG story. Hoboken, N.J.: John Wiley & Sons. ISBN 978-1118345870.
  • Sjostrom, William K. Jr. (November 2009). "The AIG Bailout". Washington and Lee Law Review. 66. SSRN 1346552.
  • "An Insurance Giant, Brought Down". The New York Times. September 27, 2008. from the original on September 30, 2008. Retrieved September 27, 2008. (Graphic)
  • "Losses in Perspective" New York Times. September 17, 2008. (Graphic of AIG quarterly net profit & losses over five years, comparing Finance vs. Insurance activities.)
  • Marsh, Bill (September 28, 2008). "A Tally of Federal Rescues". The New York Times. from the original on October 1, 2008. Retrieved September 28, 2008.
  • Schneiderman, R.M; Caulfield, Philip; Fang, Celena; Goodridge, Elisabeth; Bajaj, Vikas (September 15, 2008). "How a Market Crisis Unfolded: Some of the key events in the upheaval". The New York Times. from the original on September 16, 2008. Retrieved September 17, 2008. (Graphic and interactive timeline.)
  • Boyd, Roddy (2011). Fatal Risk: A Cautionary Tale of AIG's Corporate Suicide. Hoboken, NJ: Wiley. ISBN 978-0-470-88980-0.
  • Shelp, Ron (2006). Fallen Giant: The Amazing Story of Hank Greenberg and the History of AIG. Hoboken, NJ: Wiley. ISBN 0-471-91696-X.
  • For a list of counterparties receiving U.S. taxpayer dollars, see:

External links

 
Wikimedia Commons has media related to American International Group.
  • American International Group – official site
  • Business data for American International Group:
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April 11, 2023
american, international, group, redirects, here, other, uses, disambiguation, american, multinational, finance, insurance, corporation, with, operations, more, than, countries, jurisdictions, january, 2019, update, companies, employed, people, company, operate. AIG redirects here For other uses see AIG disambiguation American International Group Inc AIG is an American multinational finance and insurance corporation with operations in more than 80 countries and jurisdictions 4 As of January 1 2019 update AIG companies employed 49 600 people 5 The company operates through three core businesses General Insurance Life amp Retirement and a standalone technology enabled subsidiary 6 7 8 General Insurance includes Commercial Personal Insurance U S and International field operations Life amp Retirement includes Group Retirement Individual Retirement Life and Institutional Markets 6 7 8 AIG is a sponsor of the AIG Women s Open golf tournament American International Group Inc AIG Headquarters in New York CityTypePublicTraded asNYSE AIGS amp P 100 componentS amp P 500 componentIndustryFinancial servicesFoundedDecember 19 1919 103 years ago 1919 12 19 1 Shanghai ChinaFounderCornelius Vander StarrHeadquartersNew York City New York U S Area servedWorldwideKey peopleBrian Duperreault Executive Chairman Peter Zaffino President and CEO ProductsGeneral insuranceHealth insuranceVehicle insuranceTravel insuranceHome insuranceLife insuranceMortgage loansInvestment managementMutual fundRevenueUS 52 06 billion 2021 Operating incomeUS 5 92 billion 2021 Net incomeUS 9 359 billion 2021 Total assetsUS 596 11 billion 2021 Total equityUS 65 96 billion 2021 Number of employees36 600 2021 SubsidiariesTATA AIGWebsitewww aig comFootnotes references 2 3 AIG s corporate headquarters are in New York City and the company also has offices around the world AIG serves 87 of the Fortune Global 500 and 83 of the Forbes 2000 9 AIG was ranked 60th on the 2018 Fortune 500 list 10 According to the 2016 Forbes Global 2000 list AIG is the 87th largest public company in the world 11 On December 31 2017 AIG had 65 2 billion in shareholder equity 12 During the financial crisis of 2007 2008 the Federal Reserve bailed the company out for 180 billion and assumed controlling ownership stake with the Financial Crisis Inquiry Commission correlating AIG s failure with the mass sales of unhedged insurance 13 AIG repaid 205 billion to the United States government in 2012 14 Contents 1 History 1 1 1919 1945 Early years 1 2 1945 1959 International and domestic expansion 1 3 1959 1979 Reorganization and specialization 1 4 1979 2000 New opportunities and directions 1 5 2000 2012 Further expansion and decline 1 5 1 Growth 1 5 2 Accounting scandal 1 5 3 Expansion to the credit default insurance market 1 5 4 2008 liquidity crisis and government bailout 1 6 2012 2016 Modern era 1 7 2017 1 8 2018 2021 2 Business 3 Sponsorships 4 Subsidiaries 5 Bailout litigation 6 Corporate governance 6 1 Board of directors 7 See also 8 References 9 Further reading 10 External linksHistory Edit North China Daily News Building on the Bund Shanghai elevation the original home of what became AIG now the AIA building 70 Pine Street was known as the American International Building 1919 1945 Early years Edit 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 15 Business grew rapidly and two years later Starr formed a life insurance operation 16 By the late 1920s AAU had branches throughout China and Southeast Asia including the Philippines Indonesia and Malaysia 17 In 1926 Starr opened his first office in the United States American International Underwriters Corporation AIU 18 He also focused on opportunities in Latin America and in the late 1930s AIU entered Havana Cuba 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 15 In 1939 Starr moved his headquarters from Shanghai China to New York City 20 21 1945 1959 International and domestic expansion Edit After World War II American International Underwriters AIU entered Japan 15 and Germany 22 to provide insurance for American military personnel Throughout the late 1940s and early 1950s AIU continued to expand in Europe with offices opening in France Italy 17 and the United Kingdom 23 In 1952 Starr began to focus on the American market by acquiring Globe amp Rutgers Fire Insurance Company and its subsidiary American Home Fire Assurance Company 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 24 1959 1979 Reorganization and specialization Edit In 1960 C V Starr hired Maurice R Greenberg known as Hank to develop an international accident and health business 25 Two years later Greenberg reorganized one of C V Starr s U S holdings into a successful multiple line carrier 24 Greenberg focused on selling insurance through independent brokers rather than agents to eliminate agent salaries 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 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 26 In 1968 Starr named Greenberg his successor The company went public in 1969 27 AIG Headquarters in New York 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 28 1979 2000 New opportunities and directions Edit 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 28 In 1984 AIG listed its shares on the New York Stock Exchange NYSE 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 15 In 1992 AIG received the first foreign insurance license granted in over 40 years by the Chinese government Within the U S AIG acquired SunAmerica Inc a retirement savings company managed by Eli Broad in 1999 30 2000 2012 Further expansion and decline Edit The AIG Towers of Woodland Hills Los Angeles Growth Edit 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 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 33 AIG was an investor in Blackstone from 1998 to March 2012 when it sold all of its shares in the company Blackstone acted as an adviser for AIG during the 2007 2008 financial crisis 34 In March 2003 American General merged with Old Line Life Insurance Company 35 In the early 2000s AIG made significant investments in Russia as the country recovered from its financial crisis In July 2003 Maurice Greenberg met with Putin to discuss AIG s investments and improving U S Russia economic ties in anticipation of Putin s meeting with U S President George W Bush later that year 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 37 Accounting scandal Edit 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 Greenberg was ousted amid an accounting scandal in February 2005 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 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 42 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 43 Expansion to the credit default insurance market Edit Martin J Sullivan became CEO of the company in 2005 He began his career at AIG as a clerk in its London office in 1970 44 AIG then took on tens of billions of dollars of risk associated with mortgages It insured tens of billions of dollars of derivatives against default but did not purchase reinsurance to hedge that risk Secondly it used collateral on deposit to buy mortgage backed securities 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 45 AIG purchased the remaining 39 that it did not own of online auto insurance specialist 21st Century Insurance in 2007 for 749 million 46 With the failure of the parent company and the continuing recession in late 2008 AIG rebranded its insurance unit to 21st Century Insurance 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 This letter was the latest volley in what The Wall Street Journal called a public spat between the company s board and management on one hand and its key stockholders and former CEO Maurice Greenberg on the other hand 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 Willumstad was forced by the US government to step down and was replaced by Ed Liddy on September 17 2008 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 51 2008 liquidity crisis and government bailout Edit Further information Subprime mortgage crisis and Financial crisis of 2007 08 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 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 13 Other analysts believed AIG s failure was possible because of the sweeping deregulation of over the counter OTC derivatives including credit default swaps which effectively eliminated federal and state regulation of these products including capital and margin requirements that would have lessened the likelihood of AIG s failure 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 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 Experts question whether there are even enough qualified buyers out there to digest the company and its subsidiaries 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 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 Of those securities 57 8 billion were structured debt securities backed by subprime loans 57 59 As a result AIG s credit rating was downgraded and it was required to post additional collateral with its trading counter parties leading to a liquidity crisis that began on September 16 2008 and essentially bankrupted all of AIG The New York United States Federal Reserve Bank led by Timothy Geithner who would later become Treasury secretary stepped in announcing creation of a secured credit facility initially of up to 85 billion to prevent the company s collapse enabling AIG to deliver additional collateral to its credit default swap trading partners 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 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 history 63 64 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 65 Total bonuses for the financial unit could reach 450 million and bonuses for the entire company could reach 1 2 billion Newly inaugurated 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 How do they justify this outrage to the taxpayers who are keeping the company afloat 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 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 68 In December 2009 AIG formed international life insurance subsidiaries American International Assurance Company Limited AIA and American Life Insurance Company ALICO which were transferred to the Federal Reserve Bank of New York to reduce its debt by 25 billion 69 AIG sold its Hartford Steam Boiler unit on March 31 2009 to Munich Re for 742 million 70 71 On April 16 2009 AIG announced plans to sell its 21st Century Insurance subsidiary to Farmers Insurance Group for 1 9 billion 72 In June 2009 AIG sold its majority ownership of reinsurer Transatlantic Re 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 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 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 76 Fortress Investment Group purchased 80 of the interest in financing company American General Finance in August 2010 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 78 On November 1 2010 AIG raised 36 71 billion from both the sale of ALICO and its IPO of AIA Proceeds went to repay some of the aid it received from the government during the financial crisis 79 AIG sold its Taiwanese life insurance company Nan Shan Life to a consortium of buyers for 2 16 billion in January 2011 80 Due to the Q3 2011 net loss widening on November 3 2011 AIG shares plunged 49 percent year to date The insurer s board approved a share buyback of as much as 1 billion 81 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 82 2012 2016 Modern era Edit 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 The sale reduced Treasury s stake in AIG to 61 percent from 70 percent before the transaction 83 Four months later on September 6 2012 AIG sold 2 billion of its investment in AIA to repay government loans The board also approved a 5 billion stock repurchase of government owned shares in AIA 84 The next week on September 14 2012 the Department of Treasury completed its fifth sale of AIG common stock with proceeds of approximately 20 7 billion reducing the Treasury s ownership stake in AIG to approximately 15 9 percent from 53 percent Government commitments were fully recovered and Treasury and the FRBNY to date had received a combined positive return of approximately 15 1 billion 85 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 The AIG logo and the Adidas logo the league s primary sponsor were displayed on the league s team jerseys 86 The U S Department of the Treasury in December 2012 published an itemized list of the loans stock purchases special purpose vehicles SPVs and other investments engaged in with AIG the amount AIG paid back and the positive return on the loans and investments to the government 87 The Treasury said that it and the Federal Reserve Bank of New York provided a total 182 3 billion to AIG which paid back a total 205 billion for a total positive return or profit to the government of 22 7 billion In addition AIG sold off a number of its own assets to raise money to pay back the government 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 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 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 88 89 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 90 Peter Hancock succeeded Benmosche as president and CEO of AIG in September 2014 91 While Benmosche stayed on in an advisory role 91 he died in February the following year 92 In June 2015 Taiwan s Nan Shan Life Insurance acquired a stake in AIG s subsidiary in Taiwan for a fee of 158 million 93 Later that year activist investor Carl Icahn called for a breakup of AIG describing the company as too big to succeed 94 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 95 Later that year Icahn won a seat on the board of directors and continued to pressure the company to split up its major divisions 96 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 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 97 In August 2016 AIG sold off United Guaranty its mortgage guarantee unit to Arch Capital Group a Bermuda based insurer for 3 4 billion 98 2017 Edit Brian Duperreault was appointed CEO of AIG on May 15 2017 7 Duperreault who previously worked at AIG from 1973 until 1994 99 was hired as CEO from Hamilton Insurance Group 100 following Hancock s announcement in March 2017 that he would step down as AIG CEO under pressure after a period of disappointing financial results 101 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 99 as a provider of life and retirement solutions and non life insurance 102 outlining a strategy to focus on technology underwriting discipline and diversification 103 2017 104 through early 2019 105 saw AIG hire a number of new upper level executives 104 including 125 senior underwriters and most of Duperreault s direct subordinates 106 In 2017 Duperreault named his former Marsh amp McLennan Companies colleagues Lucy Fato as General Counsel and Peter Zaffino 104 as AIG COO 107 later also naming him CEO of AIG s General Insurance business 108 Zaffino succeeded Duperreault as president of AIG in January 2020 with Duperreault remaining AIG s CEO 109 The company announced plans in 2017 to reorganize its Commercial and Consumer segments into General Insurance and Life amp Retirement respectively 110 6 In September 2017 the Financial Stability Oversight Council 111 determined that AIG was no longer considered a nonbank systemically important financial institution SIFI 106 Duperreault commented in response that the development reflected the progress made since 2008 to de risk the company 102 2018 2021 Edit AIG made a number of acquisitions in 2018 112 That July AIG acquired Validus Holdings Ltd a provider of reinsurance based in Bermuda The company was also a Lloyd s of London syndicate involved in insurance linked securities 113 a specialist in US small commercial excess and surplus underwriting and a provider of crop insurance 114 115 The deal brought in fresh underwriting talent particularly in property risk and catastrophe risk 113 Also in 2018 AIG acquired Ellipse a UK life insurance business 116 from Munich Re 106 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 117 In November 2019 a Carlyle managed fund and T amp D Holdings acquired a majority interest in Fortitude Re leaving AIG with a 3 5 stake subject to required regulatory approvals and other customary closing conditions 118 Duperreault and Zaffino set out a turnaround strategy for the General Insurance business in 2017 and began execution In 2019 109 Duperreault stated that the new executive team had restructured the business implemented new risk and underwriting guidelines and overhauled its reinsurance buying strategy 119 In 2019 AIG signed a five year contract to be the title sponsor of Women s British Open its first deal in golf 120 In 2020 the contract was extended to 2025 and the championship was rebranded as the AIG Women s Open 121 with the largest LPGA major women s prize fund in 2021 totaling US5 8 million 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 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 125 In January 2020 AIG announced it was ending its decade long sponsorship of the All Blacks in 2021 126 On March 1 2021 Peter Zaffino succeeded Brian Duperreault as AIG s CEO with Duperreault becoming executive chairman of the board 127 As part of AIG s 2020 plan to form an independent company of its life and retirement insurance business with a 2022 IPO the company announced in July 2021 that Blackstone Group would acquire 9 9 of the new unit for 2 2 billion cash Blackstone and AIG also entered a long term asset management agreement for about one quarter of AIG s life and retirement portfolio set to increase in subsequent years 128 After the spin off Corebridge Financial became an independent entity Business EditIn Australia and China AIG is identified as a large financial institution and provider of financial services including credit security mechanisms citation needed In the United States AIG is the largest underwriter of commercial and industrial insurance 129 AIG offers property casualty insurance life insurance retirement products mortgage insurance and other financial services 130 In the third quarter of 2012 the global property and casualty insurance business Chartis was renamed AIG Property Casualty 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 130 131 Sponsorships EditAIG was the shirt sponsor of the English football club Manchester United F C between 2006 and 2010 AIG was the first American shirt sponsor of the club and AIG shirts were worn for one of the most concentrated periods of success in the club s history coinciding with Sir Alex Ferguson s third great United team which won three Premier League titles as well as the Champions League in the space of four seasons 132 Subsidiaries EditMain article Holdings of American International Group AIG Europe S A 133 American General Life Insurance Company 133 American Home Assurance Company 133 Lexington Insurance Company 133 National Union Fire Insurance Company of Pittsburgh PA 133 The United States Life Insurance Company in the City of New York 134 133 The Variable Annuity Life Insurance Company VALIC 133 American International Group UK Ltd 133 AIG General Insurance Co Ltd 133 Validus Reinsurance Ltd 133 Bailout litigation EditStarr International Co v U S Federal Circuit Court of AppealsHank 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 135 The AIG board had announced on January 9 that the company would not join the lawsuit 136 After hearing thirty seven days of testimony from Ben Bernanke Timothy Geithner Hank Paulson and others 137 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 138 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 139 Greenberg and the U S Government appealed to the Court of Appeals for the Federal Circuit which ruled that Greenberg had no legal right to challenge the bailout because that right belonged to AIG which in this case chose not to sue 140 AIG Inc et al v Maiden Lane II LLCAIG 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 141 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 This transaction AIG argued prevented them from recouping losses from insured banks 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 142 AIG Inc v Bank of America Corporation LLCOn 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 142 The two parties settled in July 2014 with Bank of America paying out 650 million to AIG who in turn dismissed their litigation 143 Corporate governance EditBoard of directors Edit In December 2022 the AIG board includes 144 145 146 Paola Bergamaschi Former executive at State Street Credit Suisse and Goldman Sachs James Cole Jr Chairman and CEO The Jasco Group John Rice Former vice chairman of GE former president and CEO of the GE Global Growth Organization 147 W Don Cornwell Former chairman and CEO Granite Broadcasting Corporation William G Jurgensen Former CEO Nationwide Insurance Linda A Mills Former vice president of operations Northrop Grumman Corporation Thomas F Motamed Former chairman and CEO CNA Financial Corporation Peter R Porrino Former executive vice president and CFO XL Group Ltd Douglas Steenland Former president and CEO Northwest Airlines Corporation Therese M Vaughn Former CEO the National Association of Insurance Commissioners Peter Zaffino Chairman and CEO AIGSee also Edit Companies portalBailout Late 2000s financial crisis List of United States insurance companiesReferences Edit a b Trent Goblin 1892 1968 PDF p 6 AIG and China Could A Special Relationship Translate into Cash Time September 18 2008 Retrieved August 9 2011 AIG Financials Nasdaq 2022 2016 10 K American International Group Inc PDF AIG com UNITED STATES SECURITIES AND EXCHANGE COMMISSION December 31 2016 p 8 Archived from the original PDF on March 29 2017 Retrieved March 3 2017 https www aig com content dam aig america canada us documents investor relations 2019 aig 2018 annual report pdf page 7 a b c Barlyn Suzanne Singh Sweta 2017 AIG to restructure into three new units marking CEO s first big move Reuters Retrieved September 25 2017 a b c Scism Leslie September 25 2017 AIG Retools Operating Structure Following Pledge From CEO Wall Street Journal Retrieved September 25 2017 a b AIG Restructures Again Commercial Lines CEO Schimek to Leave Insurance Journal September 25 2017 Retrieved September 26 2017 2016 10 K American International Group Inc PDF AIG com UNITED STATES SECURITIES AND EXCHANGE COMMISSION December 31 2016 p 4 Retrieved March 3 2017 Fortune 500 Fortune Retrieved August 1 2018 The World s Biggest Public Companies Forbes Retrieved March 15 2017 SEC Filing American International Group Inc Annual Report Pursuant to Section 13 or 15 d of the Securities Exchange Act of 1934 For the fiscal year ended December 31 2017 aig gcs web com Item 6 p 35 a href Template Cite web html title Template Cite web cite web a CS1 maint location link a b Phil Angelides 2011 Financial Crisis Inquiry Report DIANE Publishing p 352 ISBN 9781437980721 a b Treasury Sells Final Shares of AIG Common Stock Positive Return on Overall AIG Commitment Reaches 22 7 Billion Department of Treasury Retrieved February 6 2013 a b c d Laing Jonathan R July 8 1991 Are the Glory Years Over Much Slower Growth Seems in the Offing for AIG Barron s Tracer Zachary December 18 2012 Benmosche Exits Greenberg Jewel Linked to AIG Founding Bloomberg Businessweek Retrieved February 21 2013 a b AIG Europe History Marketline February 18 2004 Bandler James October 7 2008 Hank s Last Stand Fortune Retrieved February 21 2013 American International Group Inc New York Stock Exchange Company profile New York Thomson Reuters Archived from the original on February 20 2009 Retrieved March 18 2009 AIG What does this US giant do BBC News September 17 2008 Archived from the original on March 20 2009 Retrieved March 18 2009 Foreign Office Files for China 1949 1976 Part 1 Complete Files for 1949 Publisher s Note Adam Matthew Publications Archived from the original on October 13 2008 Retrieved March 18 2009 80 Years of Growth and Diversification the AIG Story Business Insurance April 12 1999 Collins Stuart May 28 2003 Greenberg Hails London Role Insurance Day a b c Ehrbar Al 2006 Fallen Giant The Amazing Story of Hank Greenberg and the History of AIG Hoboken New Jersey John Wiley amp Sons Inc pp 82 83 and 91 ISBN 0 471 91696 X Greenberg Joining C V Starr amp Co in Development Capacity Insurance Advocate December 17 1960 Bowers Barbara August 1998 Building a Global Platform Best s Review Life Health Edition Hoover s Handbook of American Business 9th ed Austin TX Hoover s Business Press 1999 p 134 ISBN 978 1 57311 045 7 Retrieved March 18 2009 a b c Cunningham Lawrence A 2013 The AIG Story Hoboken New Jersey John Wiley amp Sons Inc pp 14 15 ISBN 978 1 118 34587 0 Barreto Elzio December 16 2012 AIG marks end of era with 6 45 billion AIA stake sale Reuters Retrieved March 7 2013 Insurers Set 17 8 Billion Stock Deal The New York Times August 21 1998 Retrieved June 25 2019 AIG Closes American General Acquisition National Underwriter Life amp Health August 30 2001 Tata AIG to Kick off with IT Products Business Line Internet Edition February 11 2001 Archived from the original on July 10 2013 Retrieved July 10 2013 AMERICAN INTERNATIONAL GROUP INC THE BLACKSTONE GROUP L P AND KISSINGER ASSOCIATES INC ANNOUNCE A NEW STRATEGIC ADVISORY VENTURE De La Merced Michael J March 2 2002 A I G Sheds Stake in Blackstone The New York Times Deal Book Do You Have An Old Line Life Insurance Policy www rootfin com Retrieved December 28 2017 Semenenko Igor July 30 2003 AIG Interros Set Up 500M Funds The Moscow Times Retrieved February 13 2019 AIG Forks Up 126 million to SEC on PNC Deals Insurance Journal November 24 2004 Archived from the original on August 29 2008 Retrieved September 18 2008 NBC News NBC News Retrieved July 11 2011 Zuill Lilla March 3 2009 Reuters Retrieved July 11 2011 The Street com Archived from the original on May 10 2013 Retrieved October 14 2011 AIG executive sentenced to 4 years in prison The Seattle Times Retrieved May 22 2014 AIG Nears Completion of Internal Review Will Restate Results Provides Update on Internal Review and Timing AIG to Again Restates Previous Results Archived from the original on November 5 2013 Andrews Edmund L de la Merced Michael J Williams Walsh Mary September 16 2008 Fed s 85 billion Loan Rescues Insurer The New York Times Archived from the original on April 30 2011 Retrieved September 17 2008 Maurice R Greenberg and Lawrence A Cunningham The AIG Story 2013 AIG buys 21st Century Insurance Los Angeles Times September 28 2007 AIG rebrand US auto insurance unit 21st Century Insurance and cut jobs November 26 2008 Archived from the original on December 20 2008 Retrieved December 3 2008 AIG renaming auto insurance division cutting jobs November 26 2008 Archived from the original on February 17 2019 Retrieved December 3 2008 AIG Investors Seek Ouster of Chief Executive Sullivan Bloomberg June 11 2008 Retrieved July 21 2008 Zuill Lilla December 30 2008 Former AIG CEO Willumstad foregoes some stock awards New York Thomson Reuters Retrieved March 18 2009 Dennis Brady August 3 2009 The Washington Post AIG Names Robert Benmosche New President and CEO The Washington Post Retrieved July 11 2011 On The Brink Henry M Paulson Jr 2010 p 233 Tuesday September 16 2008 Peer Steinbruck the German finance minister called to say that it was unthinkable AIG could go down Christine Lagarde the French finance minister echoed his view everyone was exposed to AIG and its failure would be catastrophic Greider William August 6 2010 The AIG Bailout Scandal The Nation ISSN 0027 8378 Archived from the original on December 21 2019 Retrieved November 24 2019 Rosenberg Jerry M 2012 The Concise Encyclopedia of The Great Recession 2007 2012 Scarecrow Press p 244 ISBN 9780810883406 Asli Yuksel Mermod Samuel O Idowu 2013 Corporate Social Responsibility in the Global Business World Springer p 127 ISBN 9783642376207 Why the Fed pulled the trigger on AIG What did the government get for its 85 billion Time to try to unwind a company with 1 trillion in assets CNN Money Tami Luhby Sept 17 2008 a b Morgenson Gretchen September 29 2008 Behind Insurer s Crisis Blind Eye to a Web of Risk The New York Times Retrieved September 29 2008 Ng Serena and Mollenkamp Carrick Goldman Fueled AIG s Gambles The Wall Street Journal December 12 2009 Pittman Mark September 29 2008 Goldman Merrill Collect Billions After Fed s AIG Bailout Loans Bloomberg News Retrieved October 12 2008 Andrews Edmund L September 16 2008 Fed s 85 billion Loan Rescues Insurer The New York Times Retrieved September 28 2008 Kaiser Emily September 17 2008 After AIG rescue Fed may find more at its door Reuters Retrieved September 17 2008 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 United States Federal Reserve Board of Governors Retrieved September 16 2008 Schmidt Krista April 15 2009 History of U S Gov t Bailouts Pro Publica Archived from the original on December 27 2014 Retrieved December 28 2014 Stein Jerome 2012 AIG in the Crisis Stochastic Optimal Control and the U S Financial Debt Crisis Springer Science amp Business Media p 99 ISBN 9781461430797 Retrieved December 29 2014 The AIG liquidity crisis led to the largest government bailout of a private company in US history totaling 182 billion Savage David G March 22 2009 AIG bonuses total more than the reported 165 million Los Angeles Times Retrieved June 19 2020 U S Senate vote on Emergency Economic Stabilization Act of 2008 Senate gov June 29 2011 Retrieved July 11 2011 Obama tries to stop AIG bonuses How do they justify this outrage CNN com www cnn com Retrieved April 17 2017 Bansal Paritosh February 24 2009 AIG may rethink asset sales in tough markets Reuters UK Archived from the original on February 28 2009 Retrieved March 2 2009 AIG closes two transactions that reduce debt that IAG owes Federal Reserve Bank of New York by 25 billion Yvette Essen Insurance Correspondent December 22 2008 Munich Re buys AIG s Hartford Steam Boiler for 742m Telegraph co uk Archived from the original on January 12 2022 Munich Re concludes purchase of Hartford Steam Boiler PDF Archived from the original PDF on October 4 2011 Retrieved May 13 2017 Lifsher Marc April 17 2009 AIG selling 21st Century Insurance to Farmers Insurance Los Angeles Times Retrieved February 6 2013 AIG confirms sale of Transatlantic Re shares postonline co uk June 2009 Carew Rick September 7 2009 Li Is Back In Game With AIG Purchase The Wall Street Journal Retrieved July 11 2011 Ellis Blake March 8 2010 AIG in 15 5 billion unit sale to MetLife CNNMoney Retrieved February 6 2013 Son Hugh March 29 2010 AIG Completes Sale of PineBridge Investments to Pacific Century Bloomberg Retrieved July 11 2011 Update American General Finance sold to Fortress Investment Group Evansville Courier amp Press Courierpress com Retrieved December 16 2013 AIG to sell Star Edison to Prudential MarketWatch Retrieved July 11 2011 Bernard Stephen November 1 2010 AIG set to repay 37 billion in bailout money The Washington Times Retrieved February 6 2013 Wassener Bettina January 12 2011 A I G to Sell Taiwan Unit for 2 16 Billion The New York Times Retrieved February 6 2013 AIG Posts Loss on Writedowns Tied to AIA Mortgage Declines November 4 2011 Archived from the original on November 4 2011 Falling Giant A Case Study of AIG Buhayar Noah May 7 2012 U S Treasury Sells 5 8 Billion of AIG Stock Bloomberg L P Retrieved February 6 2013 AIG to sell 2 billion in AIA shares repay US government New York Post September 6 2012 Retrieved February 6 2013 Tara LaCapra Lauren September 11 2012 Treasury sells big chunk of AIG stock at a profit Reuters Retrieved February 6 2013 Baynes Dan October 12 2012 AIG Sponsors Jersey of Rugby World Champion All Blacks Team Bloomberg L P Retrieved February 27 2014 Investment in AIG US Department of Treasury Retrieved February 5 2013 AIG Chief Is Being Treated for Cancer Wall Street Journal October 26 2010 Retrieved March 20 2018 Charlie Rose Talks to AIG Chief Robert Benmosche Bloomberg com Bloomberg L P December 14 2012 Archived from the original on December 16 2012 Retrieved March 20 2018 Irwin Neil December 31 2012 AIG to America Thanks guys The Washington Post Retrieved June 4 2013 a b Russolillo Steven June 10 2014 Meet Peter Hancock AIG s New CEO WSJ Retrieved March 20 2018 Kandell Jonathan February 27 2015 Robert Benmosche Rescuer of A I G After Bailout Dies at 70 The New York Times Retrieved March 20 2018 Emily Chan June 11 2015 Nan Shan Life to buy part of AIG s Taiwan unit for 158 mln Reuters Retrieved June 11 2015 Nasr Reem November 23 2015 Carl Icahn turns up the pressure on AIG CNBC Retrieved March 20 2018 Corporate giant AIG to begin spinoff of Greensboro s United Guaranty News amp Record January 26 2016 Retrieved February 24 2016 Basak Sonali March 10 2017 How AIG CEO Hancock Ended Up on Way Out Insurance Journal Retrieved March 20 2018 Basak Sonali April 26 2016 AIG to Join Two Sigma Duperreault in Technology Venture Bloomberg L P Retrieved May 7 2016 Scism Leslie Lublin Joann S August 16 2016 AIG Reaches Deal to Sell Mortgage Insurance Unit to Arch Capital for About 3 4 Billion The Wall Street Journal ISSN 0099 9660 Retrieved August 18 2016 a b Bray Chad May 15 2017 I Am Here to Grow A I G its New C E O Brian Duperreault Pledges The New York Times New AIG CEO Brian Duperreault Says He Won t Break up the Company Wall Street Journal May 15 2017 Bray Chad March 9 2017 A I G s Chief Executive to Resign After Turnaround Setback The New York Times a b President and CEO Letter New AIG CEO Brian Duperreault I Didn t Come Here to Break the Company Up a b c Reuters Simpson Andrew G July 22 2019 AIG Names Ling Chief Human Resources Officer Insurance Journal a b c Reuters AIG CEO Duperreault Has Hired or Promoted at Least 13 Senior Execs in First Year Scism Leslie December 18 2019 AIG Promotes Senior Executive Zaffino to Additional Title as President Wall Street Journal a b Reuters Form 8 K Sec gov Retrieved March 16 2022 AIG Sheds Too Big to Fail Label in Victory for CEO Icahn Bloomberg com September 29 2017 AIG s 2018 Annual Report CEO Letter to Shareholders a b Ralph Oliver Gray Alistair June 17 2018 AIG The long struggle to repair its reputation Financial Times Archived from the original on December 10 2022 AIG s Validus Deal Signals CEO Reversing Course on Retrenchment Bloomberg com January 22 2018 After Validus AIG CEO Duperreault Envisions Select Strategic Acquisitions Carrier Management Gray Alistair June 20 2018 AIG scoops up UK life insurance business from Munich Re Financial Times Archived from the original on December 10 2022 AIG Carlyle Complete Deal Creating Run Off Reinsurer Fortitude Re November 14 2018 https www insurancejournal com news international 2019 11 26 549587 html dead link Duperreault still confident in AIG turnaround despite Q4 loss AIG chooses Women s British Open for first title deal in golf Nov 29 2018 Sports Business Women s Open drops British from title in sponsorship rebrand BBC Sport July 22 2020 AIG Women s Open becomes richest event in women s golf with 1 3 million purse increase August 18 2021 AIG CEO Duperreault Encouraged by Hardening Market Plans Operational Overhaul August 13 2019 Reuters https annual aig com ui 2018 docs AIG 2018 CEO Letter pdf bare URL PDF All Blacks to lose AIG as sponsor after 2021 January 14 2020 Zaffino to Succeed Duperreault as CEO of AIG March 1 February 16 2021 AIG to sell life and retirement unit stake to Blackstone another with IPO Reuters July 15 2021 Retrieved March 8 2022 History of American General Life Companies AIGAG com Archived from the original on July 7 2011 Retrieved July 11 2011 a b AIG 2012 Annual Report 10 K PDF American International Group Archived from the original PDF on July 13 2013 Retrieved October 14 2013 Ng Serena June 28 2012 AIG Brand Revived The Wall Street Journal Retrieved October 14 2013 Spencer Jamie March 8 2021 Man Utd in talks over new 70m a season shirt sponsor 90min com Retrieved March 12 2023 a b c d e f g h i j https www aig com content dam aig america canada us documents investor relations 2019 aig 2018 annual report pdf page 142 2016 10 K PDF AIG com p 143 Retrieved March 3 2017 Zeitlin Matthew John Stewart to Former AIG Chief Hank Greenberg Go F ck Yourself Buzzfeed Retrieved February 5 2016 As public fumes AIG says will not sue US over bailout Reuters Archived from the original on February 17 2013 Retrieved February 6 2013 Scism Leslie Closing Arguments Loom in AIG Bailout Trial The Wall Street Journal Retrieved February 5 2016 Recent Cases Court of Federal Claims Holds that Government Acquisition of Equity Share in AIG Effected an Illegal Exaction Archived February 5 2016 at the Wayback Machine 129 Harv L Rev 859 2016 Sorkin Andrew June 15 2015 In A I G Case Surprise Ruling That Could End All Bailouts The New York Times Retrieved June 16 2015 Greenberg s Starr to Appeal AIG Bailout Case to Supreme Court Insurance Journal May 10 2017 Stempel Jonathan January 12 2013 AIG Sues The New York Fed Business Insider Retrieved April 18 2018 a b Stempel Jonathan May 30 2013 AIG drops a lawsuit versus New York Fed related to bailout Reuters Retrieved December 16 2013 Freifeld Karen BofA pays AIG 650 million to settle mortgage disputes Reuters Retrieved May 3 2018 Board of Directors AIG Board of Directors AIG 2020 Archived from the original on June 13 2020 Retrieved May 16 2020 Board of Directors AIG Archived from the original on December 24 2017 Retrieved April 6 2021 Retired GE vice chairman joins AIG s board of directors Further reading EditAngelides Phil 2011 Financial Crisis Inquiry Report DIANE Publishing ISBN 978 1 4379 8072 1 Cunningham Lawrence A Greenberg Maurice R 2013 The AIG story Hoboken N J John Wiley amp Sons ISBN 978 1118345870 Sjostrom William K Jr November 2009 The AIG Bailout Washington and Lee Law Review 66 SSRN 1346552 An Insurance Giant Brought Down The New York Times September 27 2008 Archived from the original on September 30 2008 Retrieved September 27 2008 Graphic Losses in Perspective New York Times September 17 2008 Graphic of AIG quarterly net profit amp losses over five years comparing Finance vs Insurance activities Marsh Bill September 28 2008 A Tally of Federal Rescues The New York Times Archived from the original on October 1 2008 Retrieved September 28 2008 Schneiderman R M Caulfield Philip Fang Celena Goodridge Elisabeth Bajaj Vikas September 15 2008 How a Market Crisis Unfolded Some of the key events in the upheaval The New York Times Archived from the original on September 16 2008 Retrieved September 17 2008 Graphic and interactive timeline Boyd Roddy 2011 Fatal Risk A Cautionary Tale of AIG s Corporate Suicide Hoboken NJ Wiley ISBN 978 0 470 88980 0 Shelp Ron 2006 Fallen Giant The Amazing Story of Hank Greenberg and the History of AIG Hoboken NJ Wiley ISBN 0 471 91696 X For a list of counterparties receiving U S taxpayer dollars see Business Week List of Counterparties and PayoutsExternal links Edit Wikimedia Commons has media related to American International Group American International Group official site Business data for American International Group GoogleSEC filingsYahoo Retrieved from https en wikipedia org w index php title American International Group amp oldid 1147933494, wikipedia, wiki, book, books, library,

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