Our 2019 financial results reflect significant progress in positioning AIG for sustainable, profitable growth. Mills – Former Vice President of Operations. [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. Time to try to unwind a company with $1 trillion in assets. Peer Steinbrück, the German finance minister, called to say that it was unthinkable AIG could go down. [70][71] On April 16, 2009, AIG announced plans to sell its 21st Century Insurance subsidiary to Farmers Insurance Group for $1.9 billion. General Insurance includes Commercial, Personal Insurance, U.S. and International field operations. [108] Duperreault commented in response that the development reflected "the progress made since 2008 to de-risk the company.”[104], AIG made a number of acquisitions in 2018. Get access to your AIG Retirement Services retirement plan account here. AIG is proud sponsor of AIG Women’s Open (golf) and of New Zealand Rugby (AIG All blacks). "John Stewart to Former AIG Chief Hank Greenberg: "Go F*ck Yourself! Annual Report Pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934 For the fiscal year ended December 31, 2017", "Treasury Sells Final Shares of AIG Common Stock, Positive Return on Overall AIG Commitment Reaches $22.7 Billion", "Benmosche Exits Greenberg Jewel Linked to AIG Founding", "American International Group Inc (New York Stock Exchange)", "Foreign Office Files for China, 1949–1976", "AIG marks end of era with $6.45 billion AIA stake sale", "AMERICAN INTERNATIONAL GROUP, INC., THE BLACKSTONE GROUP L.P. AND KISSINGER ASSOCIATES, INC. However, AIG continued to expand its markets by introducing specialized energy, transportation, and shipping products to serve the needs of niche industries. [46] With the failure of the parent company and the continuing recession in late 2008, AIG rebranded its insurance unit to 21st Century Insurance. The company operates through three core businesses: General Insurance, Life & Retirement, and a standalone technology-enabled subsidiary. [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. [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. [81] The case was settled and dismissed with prejudice by U.S. District Court Judge Sarah Evans Barker on May 25, 2011. Our Task Force on Climate-related Financial Disclosures report highlights our sustainability strategy. The AIG is an American multinational insurance corporation and finance operation. [24], In 1960, C.V. Starr hired Maurice R. Greenberg, known as Hank, to develop an international accident and health business. [89] 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. history.[63][64]. "[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. The Allstate Corporation, American International Group, Inc., Berkshire Hathaway Homestate Companies, Zurich Insurance Group Ltd., Munich Re, Prudential plc, China Life Insurance Group [127], AIG offers property casualty insurance, life insurance, retirement products, mortgage insurance and other financial services. [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). AIG serves 87 % of the Fortune Global 500 and 83 % of the Forbes 2000. . Life & Retirement includes Group Retirement, Individual Retirement, Life, and Institutional Markets. 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. The CDO insurance plan was a big success, for a while. American International Group, Inc. (AIG) is a leading global insurance organization American International Group, Inc. (AIG) is a leading global insurance organization. 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. Throughout the late 1940s and early 1950s, AIU continued to expand in Europe, with offices opening in France, Italy,[17] and the United Kingdom. [119] 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. [6][7][8] [132] The AIG board had announced on January 9 that the company would not join the lawsuit. [128][129], Hank Greenberg, with lead lawyer David Boies, independently sued the U.S. Government for money damages in the United States Court of Federal Claims in 2011. [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. [33] AIG was an investor in Blackstone from 1998 to March 2012, when it sold all of its shares in the company. Government commitments were fully recovered, and Treasury and the FRBNY to date had received a combined positive return of approximately $15.1 billion. 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. [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. For help with claims, please share all hard copy documents with us via email. [11] On December 31, 2017, AIG had $65.2 billion in shareholder equity. The sale reduced Treasury's stake in AIG to 61 percent, from 70 percent before the transaction. The AIG logo and the Adidas logo, the league's primary sponsor, were displayed on the league's team jerseys. [138] The specific issue was whether the Federal Reserve Bank of New York transferred $18 billion in litigation claims on troubled mortgage debt through Maiden Lane Transactions, entities created by the Fed in 2008. Thomas F. Motamed – Former Chairman and CEO. 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. [114] That July, AIG acquired Validus Holdings Ltd., a provider of reinsurance based in Bermuda. For a seamless experience, please enable the option to run JavaScript on this device, You're using an old version of Internet Explorer. [139] The two parties settled in July 2014, with Bank of America paying out $650 million to AIG, who in turn dismissed their litigation. [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. 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. [88], 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. Founded in 1919, today AIG member companies provide a wide range of property casualty insurance, life insurance, retirement products, and other financial services to customers in more than 80 countries and jurisdictions. Policies issued by American General Life Insurance Company (AGL), Houston, TX, except in New York, where issued by The United States Life Insurance Company in the City of New York (US Life). 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. Issuing companies AGL and US Life are responsible for financial obligations of insurance products and are members of American International Group, Inc. (AIG). [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. Description Offers general & life insurance, financial services, retirement savings & asset management services in the US & other countries Ticker: [98] AIG also began a joint venture with Hamilton Insurance Group and Two Sigma Investments to serve the insurance needs of small- to medium-sized enterprises. American International Group, Inc., also known as AIG, is an American multinational finance and insurance corporation with operations in more than 80 countries and jurisdictions.As of December 31, 2016, AIG companies employed 56,400 people. This outrage to the 2016 Forbes global 2000 list, AIG listed its on. Aiu ) 's team jerseys products for commercial, Personal insurance, U.S. and International field.. 92 ] Peter Hancock succeeded Benmosche as President of AIG in January 2020, AIG american international group insurance Hartford! The us government to step down and was replaced by Ed Liddy american international group insurance September 17, 2008 2005. 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