The company operates four principal business segments, including general insurance, life insurance and retirement … 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. [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. Aerospace Insurance Managers, Allianz Global Corporate & Specialty, American International Group, Aon, Global Aerospace, Marsh, Aviation Insurance Holdings, Catlin Group, Willis Group Holdings, XL Group. Blackstone acted as an adviser for AIG during the 2007-2008 financial crisis. Ronald will help accelerate AIG’s diversity, equity and inclusion strategy at all levels across the company. [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. Issuing companies AGL and US Life are responsible for financial obligations of insurance products and are members of American International Group, Inc. (AIG). 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. About American International Group American International Group, Inc. provides insurance products for commercial, institutional, and individual customers in North America and internationally. Peer Steinbrück, the German finance minister, called to say that it was unthinkable AIG could go down. [24], In 1960, C.V. Starr hired Maurice R. Greenberg, known as Hank, to develop an international accident and health business. It insured tens of billions of dollars of derivatives against default, but did not purchase reinsurance to hedge that risk. Thomas F. Motamed – Former Chairman and CEO. 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. 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. [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. "Behind Insurer's Crisis, Blind Eye to a Web of Risk", "Goldman, Merrill Collect Billions After Fed's AIG Bailout Loans", "After AIG rescue, Fed may find more at its door", "Federal Reserve Board, with full support of the Treasury Department, authorizes the Federal Reserve Bank of New York to lend up to $85 billion to the American International Group (AIG)", "AIG bonuses total more than the reported $165 million", "U.S. Senate vote on Emergency Economic Stabilization Act of 2008", "Obama tries to stop AIG bonuses: 'How do they justify this outrage?' [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. The company operates through three core businesses: General Insurance, Life & Retirement, and a standalone technology-enabled subsidiary. [95] Later that year, activist investor Carl Icahn called for a breakup of AIG, describing the company as "too big to succeed". AIG serves 87 % of the Fortune Global 500 and 83 % of the Forbes 2000. In addition, AIG sold off a number of its own assets to raise money to pay back the government. [15] In 1992, AIG received the first foreign insurance license granted in over 40 years by the Chinese government. Brian Duperreault will become Executive Chairman and Douglas M. Steenland will become Lead Independent Director. [70][71] On April 16, 2009, AIG announced plans to sell its 21st Century Insurance subsidiary to Farmers Insurance Group for $1.9 billion. How do they justify this outrage to the taxpayers who are keeping the company afloat? Helping you prepare for times of uncertainty is at the heart of what we do. The AIG is an American multinational insurance corporation and finance operation. Take steps today to prepare for the uncertainties of tomorrow. Guarantees are backed by the claims-paying ability of the issuing insurance company. 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. 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. "[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. Why the Fed pulled the trigger on AIG: What did the government get for its $85 billion? Of those securities, $57.8 billion were structured debt securities backed by subprime loans. . [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). Registered address: The AIG Building, 58 Fenchurch Street, London EC3M 4AB. Mills – Former Vice President of Operations. 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. [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] "[121] In 2019, AIG signed a five-year contract to be the title sponsor of Women's British Open, its first deal in golf. [81], AIG sold its Taiwanese life insurance company Nan Shan Life to a consortium of buyers for $2.16 billion in January 2011. 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