American International Group, Inc. (AIG) (NYSE: AIG) is an American insurance corporation. Its corporate headquarters are located in the American International Building in New York City. The British headquarters office is on Fenchurch Street in London, continental Europe operations are based in La Défense, Paris, and its Asian headquarters office is in Hong Kong. According to the 2008 Forbes Global 2000 list, AIG was once the 18th-largest public company in the world. It was listed on the Dow Jones Industrial Average from April 8, 2004 to September 22, 2008.
AIG suffered from a liquidity crisis when its credit ratings were downgraded below "AA" levels in September 2008. The United States Federal Reserve Bank on September 16, 2008 created an $85 billion credit facility to enable the company to meet increased collateral obligations consequent to the credit rating downgrade, in exchange for the issuance of a stock warrant to the Federal Reserve Bank for 79.9% of the equity of AIG. The Federal Reserve Bank and the United States Treasury by May 2009 had increased the potential financial support to AIG, with the support of an investment of as much as $70 billion, a $60 billion credit line and $52.5 billion to buy mortgage-based assets owned or guaranteed by AIG, increasing the total amount available to as much as $182.5 billion.[3][4] AIG subsequently sold a number of its subsidiaries and other assets to pay down loans received, and continues to seek buyers of its assets.
American International Group, Inc. (AIG) is an international insurance organization, serving customers in more than 130 countries. AIG companies serve commercial, institutional and individual customers through property casualty networks of any insurer. In addition, AIG companies are providers of life insurance and retirement services in the United States. AIG operates in three segments: Chartis, SunAmerica Financial Group (SunAmerica) and Financial Services. As of December 31, 2010, the Company’s other operations included AIG Parent, United Guaranty Corporation (UGC) and American International Reinsurance Company Limited (AIRCO). On March 31, 2010, AIG, through a Chartis International subsidiary, purchased additional voting shares in Fuji Fire & Marine Insurance Company Limited. In November 2010, the Company sold American Life Insurance Company (ALICO) and American General Finance, Inc. (AGF). In February 2011, it sold AIG Star Life Insurance Co., Ltd. (AIG Star), and AIG Edison Life Insurance Company (AIG Edison).
Chartis Operations
AIG's property and casualty operations are conducted through multiple line companies writing all commercial and consumer lines both domestically and abroad. As of December 31, 2010, the principal business units in AIG's Chartis segment included National Union Fire Insurance Company of Pittsburgh, Pa. (National Union); American Home Assurance Company (American Home); Lexington Insurance Company (Lexington); AIU Insurance Company (AIUI); Chartis Overseas, Ltd.; Fuji Fire & Marine Insurance Company Limited (Fuji); Chartis UK Holdings Limited (Chartis UK), and Chartis Europe, S.A. (Chartis Europe). Chartis is a global property and casualty insurance franchise, serving more than 45 million clients. Chartis is diversified both in terms of classes of businesses and geographic locations. Chartis United States writes commercial and consumer products throughout the United States and Canada. Chartis International writes commercial and consumer products outside the United States and Canada. During the year ended December 31, 2010, Chartis United States and Chartis International consisted of approximately 55% and 45%, respectively, of the Chartis business, measured by net premiums written.
During 2010, 6% and 5% of the Company’s direct premiums written were written in the states of California and New York, respectively, and 13% and 8% in Japan and the United Kingdom, respectively. During 2010, Chartis introduced more than 200 products and services. The Chartis United States companies consist of the United States-domiciled commercial property and casualty group. Chartis United States distributes its products through independent retail and wholesale brokers, and writes business on both an admitted and surplus line basis. Chartis United States business in the United States and Canada is conducted through American Home, National Union, Lexington, and certain other property-casualty insurance company subsidiaries of Chartis U.S. Inc. Chartis United States commercial lines include casualty, property and speciality. Chartis United States casualty includes general liability, commercial automobile liability, and excess casualty and workers ‘compensation coverages. Causality also includes insurance and risk management programs for large corporate customers and other customized structured insurance products. Chartis United States property includes industrial and commercial property insurance products, which cover exposures to man-made and natural disasters. Chartis United States speciality includes aviation, marine and energy, environmental, kidnap-ransom, export credit and political risk coverages. Chartis United States speciality also offers various forms of professional liability insurance, including director's and officer's liability (D&O), fidelity, employment practices, fiduciary liability and errors and omissions coverages. Chartis United States also offers products and services to United States-based multinational clients doing business overseas and to foreign corporations doing business in the United States as part of its Worldsource business.
Chartis United States consumer insurance lines include accident and health, and personal. Chartis United States accident and health includes voluntary and sponsor-paid accidental and supplemental health products, including accidental death and disability and medical excess for employees, associations and other organizations. Accident and health also includes a range of travel insurance products and services for leisure and business travelers, including trip cancellation, trip interruption, lost baggage, travel assistance and concierge services. Chartis United States personal includes insurance products and risk management services for high net worth individuals (Private Client Group), including homeowners, automobile, umbrella, yacht and fine art coverages, as well as extended service contracts, primarily for consumer electronics products.
Chartis International is a United States-based property and casualty insurer in Europe, a foreign insurance company in Japan and China, and in other developing markets, such as India, Korea, Argentina and Russia. Chartis International is also based in aerospace, marine, energy and financial lines. Chartis International writes commercial (Casualty, Property and Specialty) and consumer (A&H, Personal and Life) lines through a network of agencies, branches and foreign-based insurance subsidiaries. Chartis International uses various marketing methods and multiple distribution channels to write both commercial and consumer lines of insurance with refinements for local laws, customs and needs. Chartis International organizes itself into three regions: the Far East, Europe and Growth Economies (which primarily include Asia Pacific, the Middle East and Latin America).
SunAmerica Operations
SunAmerica, formerly, AIG Domestic Life Insurance & Retirement Services, offers a suite of products and services to individuals and groups, including term life, universal life, accident and health (A&H), fixed and variable deferred annuities, fixed payout annuities, mutual funds and financial planning. SunAmerica offers its products and services through a diverse, multi-channel distribution network that includes banks, national, regional and independent broker-dealers, affiliated financial advisors, independent marketing organizations, independent and career insurance agents, structured settlement brokers, benefit consultants and direct-to-consumer platforms. As of December 31, 2010, the principal business units in AIG's SunAmerica segment included American General Life Insurance Company (American General), American General Life and Accident Insurance Company (AGLA), The United States Life Insurance Company in the City of New York (USLIFE), The Variable Annuity Life Insurance Company (VALIC), Western National Life Insurance Company (Western National), and SunAmerica Annuity and Life Assurance Company (SunAmerica Annuity).
The SunAmerica segment has two operating segments: Domestic Life, which focuses on mortality and morbidity based protection products, and Domestic Retirement Services, which focuses on investment, retirement savings and income solutions. SunAmerica's Domestic Life operations are conducted through the American General business unit. American General is a provider of individual term and universal life insurance solutions to middle-income and high net worth customers. Primary products include term, universal and whole life insurance, A&H, fixed and indexed deferred annuities, fixed payout annuities, private placement variable annuities, structured settlements, terminal funding, corporate-owned life insurance, bank-owned life insurance and group benefits. American General distributes its products through independent marketing organizations, independent and career insurance agents, structured settlement brokers, benefit consultants and direct-to-consumer platforms, including its wholly owned Matrix Direct platform.
SunAmerica's Domestic Retirement Services operations consist of five business units: VALIC, Western National, SunAmerica Retirement Markets, Brokerage Services and Retail Mutual Funds, and Other. VALIC is a provider of defined contribution retirement savings plans sponsored by education, not-for-profit and Government organizations. VALIC’s primary products include fixed and variable group annuities, and group mutual funds. VALIC also offers group administrative and compliance services, and individual annuity and mutual fund products. VALIC utilizes career and independent financial advisors to provide enrollment support and financial planning services. Western National is a provider of fixed deferred annuities to bank customers. Western National’s primary products include single and flexible premium deferred fixed annuities.
SunAmerica Retirement Markets is a provider of deferred variable annuities, which provide comprehensive retirement income solutions. SunAmerica Retirement Markets’ variable annuities provide market participation through a diverse menu of equity and fixed income portfolios, guaranteed death benefits and a suite of guaranteed retirement income solutions. SunAmerica Retirement Markets distributes products through national, regional, bank and independent broker-dealer firms. Brokerage Services and Retail Mutual Funds includes the operations of SunAmerica Asset Management, which provides retail mutual funds and administration services for VALIC's and SunAmerica Retirement Markets' variable annuity funds, and The Advisor Group, which is a network of independent financial advisors in the United States. Other includes the operations of SunAmerica Affordable Housing Partners, runoff Guaranteed Investment Contracts (GIC) and individual annuity portfolios.
Financial Services Operations
AIG's financial services businesses engage in commercial aircraft leasing through International Lease Finance Corporation (ILFC) and the remaining Capital Markets portfolios through AIG Financial Products Corp. and AIG Trading Group Inc. and their respective subsidiaries (collectively, AIGFP). As of December 31, 2010, the principal business units in AIG's financial services segment included International Lease Finance Corporation (ILFC), and AIG Financial Products Corp. and AIG Trading Group Inc. and their respective subsidiaries (AIGFP). ILFC is an aircraft lessors that acquires commercial jet aircraft from various manufacturers and other parties and leases those aircraft to airlines. As of December 31, 2010, ILFC managed a lease portfolio of over 1,000 aircraft, including an owned fleet of 933 aircraft.
Other Operations
AIG's Other operations include results from parent and other operations, after allocations to AIG's business segments, Mortgage Guaranty operations, Asset Management operations and results from those divested businesses not included in discontinued operations. AIG's parent and other operations consist primarily of interest expense, intercompany interest income that is eliminated in consolidation, restructuring costs, expenses of corporate staff not attributable to specific segments, expenses related to efforts to improve internal controls and the financial and operating platforms, corporate initiatives, certain compensation plan expenses, corporate level net realized capital gains and losses, certain litigation related charges and net gains and losses on sale of divested businesses and properties that did not qualify for discontinued operations accounting treatment. AIG's Asset Management operations include the results of the Direct Investment business and the Institutional Asset Management business. On March 26, 2010, AIG completed the sale of its third-party asset management business. The Direct Investment business includes results of AIG Global Real Estate, the Matched Investment Program (MIP), AIG's historical program to generate spread income from investments yielding returns greater than AIG's cost of funds, and certain non-derivative assets and liabilities of AIGFP. AIG's Institutional Asset Management business is conducted through AIG Global Asset Management Holdings Corp. and its subsidiaries, including AIG Markets, Inc. (AIG Markets).
Name Age Since Current Position
Miller, Robert 69 2010 Chairman of the Board
Benmosche, Robert 67 2009 President, Chief Executive Officer, Director
Herzog, David 51 2008 Chief Financial Officer, Executive Vice President
Hancock, Peter 52 2010 Executive Vice President - Finance, Risk and Investments
Russo, Thomas 67 2010 EVP - Legal, Compliance, Regulatory Affairs and Government Affairs, General Counsel
Wintrob, Jay 54 2010 Executive Vice President - SunAmerica Financial Group
Moor, Kristian 51 Executive Vice President - Domestic General Insurance
Dooley, William 58 2010 Executive Vice President - Investments and Financial Services
Schreiber, Brian 45 2010 Executive Vice President - Treasury and Capital Markets
Walsh, Nicholas 60 2005 Executive Vice President - Foreign General Insurance
Machon, Monika 50 2009 Senior Vice President, Chief Investment Officer
Sankaran, Sid 33 2010 Chief Risk Officer, Senior Vice President
Hurd, Jeffrey 44 2010 Senior Vice President - Human Resources and Communications
Shamieh, Charles 44 2011 Senior Vice President - Corporate Chief Actuary
Farber, Jeffrey 45 2011 Senior Vice President and Deputy Chief Financial Officer
Miles, George 69 2005 Independent Director
Offit, Morris 74 2005 Independent Director
Nora Johnson, Suzanne 53 2008 Independent Director
Koellner, Laurette 56 2009 Independent Director
Lynch, Christopher 53 2009 Independent Director
Martinez, Arthur 71 2009 Independent Director
Steenland, Douglas 59 2009 Independent Director
Layton, Donald 60 2010 Independent Director
Rittenmeyer, Ronald 63 2010 Independent Director
Miller, Henry 65 2010 Independent Director
Key Dates:
1919: Cornelius Vander Starr forms American Asiatic Underwriters, a two-clerk insurance agency in Shanghai, China.
1926: Starr opens a New York office under the name American International Underwriters.
1939: With much of the world on the brink of war, Starr moves his headquarters from Shanghai to New York.
1948: Starr begins uniting his fragmented network of insurance companies by forming two Bermuda-based entities: American International Underwriters Overseas, Ltd. and American International Reinsurance Company, Inc. (AIRCO).
1949: Following the communist takeover of China, Starr moves his regional headquarters to Hong Kong.
1952: AIRCO gains control of American Home Assurance Company.
1960s:Several acquisitions are completed, including National Union Fire Insurance Company of Pittsburgh, Pennsylvania, and New Hampshire Insurance Company.
1967: As part of a major reorganization, American International Group, Inc. (AIG) is formed to become the holding company for the various insurance companies; Maurice R. Greenberg becomes president and CEO of AIG.
1968: Starr dies and Greenberg adds the chairmanship to his duties.
1969: AIG goes public.
1976: AIG is organized into four broad categories: the foreign general insurance division, the brokerage division of domestic general insurance, the agency division of domestic general insurance, and a life insurance division.
1987: The Financial Services Group is formed, consolidating the firm's burgeoning financial services operations.
1999: SunAmerica Inc., a major player in annuities and mutual funds, is acquired for $18.3 billion.
2001: AIG acquires American General Corporation for $23 billion; AIG reports losses of $820 million stemming from the events of September 11.
Statistics:
Public Company
Incorporated: 1967
Employees: 81,000
Total Assets: $492.98 billion (2001)
Stock Exchanges: New York London Tokyo Paris Swiss
Ticker Symbol: AIG
NAIC: 523120 Securities Brokerage; 523920 Portfolio Management; 524126 Direct Property and Casualty Insurance Carriers; 524113 Direct Life Insurance Car- riers; 524130 Reinsurance Carriers; 524210 Insurance Agencies and Brokerages; 532411 Commercial Air, Rail, and Water Transportation Equipment Rental and Leasing; 551112 Offices of Other Holding Companies
Address:
70 Pine Street
New York, New York 10270
U.S.A.
AIG suffered from a liquidity crisis when its credit ratings were downgraded below "AA" levels in September 2008. The United States Federal Reserve Bank on September 16, 2008 created an $85 billion credit facility to enable the company to meet increased collateral obligations consequent to the credit rating downgrade, in exchange for the issuance of a stock warrant to the Federal Reserve Bank for 79.9% of the equity of AIG. The Federal Reserve Bank and the United States Treasury by May 2009 had increased the potential financial support to AIG, with the support of an investment of as much as $70 billion, a $60 billion credit line and $52.5 billion to buy mortgage-based assets owned or guaranteed by AIG, increasing the total amount available to as much as $182.5 billion.[3][4] AIG subsequently sold a number of its subsidiaries and other assets to pay down loans received, and continues to seek buyers of its assets.
American International Group, Inc. (AIG) is an international insurance organization, serving customers in more than 130 countries. AIG companies serve commercial, institutional and individual customers through property casualty networks of any insurer. In addition, AIG companies are providers of life insurance and retirement services in the United States. AIG operates in three segments: Chartis, SunAmerica Financial Group (SunAmerica) and Financial Services. As of December 31, 2010, the Company’s other operations included AIG Parent, United Guaranty Corporation (UGC) and American International Reinsurance Company Limited (AIRCO). On March 31, 2010, AIG, through a Chartis International subsidiary, purchased additional voting shares in Fuji Fire & Marine Insurance Company Limited. In November 2010, the Company sold American Life Insurance Company (ALICO) and American General Finance, Inc. (AGF). In February 2011, it sold AIG Star Life Insurance Co., Ltd. (AIG Star), and AIG Edison Life Insurance Company (AIG Edison).
Chartis Operations
AIG's property and casualty operations are conducted through multiple line companies writing all commercial and consumer lines both domestically and abroad. As of December 31, 2010, the principal business units in AIG's Chartis segment included National Union Fire Insurance Company of Pittsburgh, Pa. (National Union); American Home Assurance Company (American Home); Lexington Insurance Company (Lexington); AIU Insurance Company (AIUI); Chartis Overseas, Ltd.; Fuji Fire & Marine Insurance Company Limited (Fuji); Chartis UK Holdings Limited (Chartis UK), and Chartis Europe, S.A. (Chartis Europe). Chartis is a global property and casualty insurance franchise, serving more than 45 million clients. Chartis is diversified both in terms of classes of businesses and geographic locations. Chartis United States writes commercial and consumer products throughout the United States and Canada. Chartis International writes commercial and consumer products outside the United States and Canada. During the year ended December 31, 2010, Chartis United States and Chartis International consisted of approximately 55% and 45%, respectively, of the Chartis business, measured by net premiums written.
During 2010, 6% and 5% of the Company’s direct premiums written were written in the states of California and New York, respectively, and 13% and 8% in Japan and the United Kingdom, respectively. During 2010, Chartis introduced more than 200 products and services. The Chartis United States companies consist of the United States-domiciled commercial property and casualty group. Chartis United States distributes its products through independent retail and wholesale brokers, and writes business on both an admitted and surplus line basis. Chartis United States business in the United States and Canada is conducted through American Home, National Union, Lexington, and certain other property-casualty insurance company subsidiaries of Chartis U.S. Inc. Chartis United States commercial lines include casualty, property and speciality. Chartis United States casualty includes general liability, commercial automobile liability, and excess casualty and workers ‘compensation coverages. Causality also includes insurance and risk management programs for large corporate customers and other customized structured insurance products. Chartis United States property includes industrial and commercial property insurance products, which cover exposures to man-made and natural disasters. Chartis United States speciality includes aviation, marine and energy, environmental, kidnap-ransom, export credit and political risk coverages. Chartis United States speciality also offers various forms of professional liability insurance, including director's and officer's liability (D&O), fidelity, employment practices, fiduciary liability and errors and omissions coverages. Chartis United States also offers products and services to United States-based multinational clients doing business overseas and to foreign corporations doing business in the United States as part of its Worldsource business.
Chartis United States consumer insurance lines include accident and health, and personal. Chartis United States accident and health includes voluntary and sponsor-paid accidental and supplemental health products, including accidental death and disability and medical excess for employees, associations and other organizations. Accident and health also includes a range of travel insurance products and services for leisure and business travelers, including trip cancellation, trip interruption, lost baggage, travel assistance and concierge services. Chartis United States personal includes insurance products and risk management services for high net worth individuals (Private Client Group), including homeowners, automobile, umbrella, yacht and fine art coverages, as well as extended service contracts, primarily for consumer electronics products.
Chartis International is a United States-based property and casualty insurer in Europe, a foreign insurance company in Japan and China, and in other developing markets, such as India, Korea, Argentina and Russia. Chartis International is also based in aerospace, marine, energy and financial lines. Chartis International writes commercial (Casualty, Property and Specialty) and consumer (A&H, Personal and Life) lines through a network of agencies, branches and foreign-based insurance subsidiaries. Chartis International uses various marketing methods and multiple distribution channels to write both commercial and consumer lines of insurance with refinements for local laws, customs and needs. Chartis International organizes itself into three regions: the Far East, Europe and Growth Economies (which primarily include Asia Pacific, the Middle East and Latin America).
SunAmerica Operations
SunAmerica, formerly, AIG Domestic Life Insurance & Retirement Services, offers a suite of products and services to individuals and groups, including term life, universal life, accident and health (A&H), fixed and variable deferred annuities, fixed payout annuities, mutual funds and financial planning. SunAmerica offers its products and services through a diverse, multi-channel distribution network that includes banks, national, regional and independent broker-dealers, affiliated financial advisors, independent marketing organizations, independent and career insurance agents, structured settlement brokers, benefit consultants and direct-to-consumer platforms. As of December 31, 2010, the principal business units in AIG's SunAmerica segment included American General Life Insurance Company (American General), American General Life and Accident Insurance Company (AGLA), The United States Life Insurance Company in the City of New York (USLIFE), The Variable Annuity Life Insurance Company (VALIC), Western National Life Insurance Company (Western National), and SunAmerica Annuity and Life Assurance Company (SunAmerica Annuity).
The SunAmerica segment has two operating segments: Domestic Life, which focuses on mortality and morbidity based protection products, and Domestic Retirement Services, which focuses on investment, retirement savings and income solutions. SunAmerica's Domestic Life operations are conducted through the American General business unit. American General is a provider of individual term and universal life insurance solutions to middle-income and high net worth customers. Primary products include term, universal and whole life insurance, A&H, fixed and indexed deferred annuities, fixed payout annuities, private placement variable annuities, structured settlements, terminal funding, corporate-owned life insurance, bank-owned life insurance and group benefits. American General distributes its products through independent marketing organizations, independent and career insurance agents, structured settlement brokers, benefit consultants and direct-to-consumer platforms, including its wholly owned Matrix Direct platform.
SunAmerica's Domestic Retirement Services operations consist of five business units: VALIC, Western National, SunAmerica Retirement Markets, Brokerage Services and Retail Mutual Funds, and Other. VALIC is a provider of defined contribution retirement savings plans sponsored by education, not-for-profit and Government organizations. VALIC’s primary products include fixed and variable group annuities, and group mutual funds. VALIC also offers group administrative and compliance services, and individual annuity and mutual fund products. VALIC utilizes career and independent financial advisors to provide enrollment support and financial planning services. Western National is a provider of fixed deferred annuities to bank customers. Western National’s primary products include single and flexible premium deferred fixed annuities.
SunAmerica Retirement Markets is a provider of deferred variable annuities, which provide comprehensive retirement income solutions. SunAmerica Retirement Markets’ variable annuities provide market participation through a diverse menu of equity and fixed income portfolios, guaranteed death benefits and a suite of guaranteed retirement income solutions. SunAmerica Retirement Markets distributes products through national, regional, bank and independent broker-dealer firms. Brokerage Services and Retail Mutual Funds includes the operations of SunAmerica Asset Management, which provides retail mutual funds and administration services for VALIC's and SunAmerica Retirement Markets' variable annuity funds, and The Advisor Group, which is a network of independent financial advisors in the United States. Other includes the operations of SunAmerica Affordable Housing Partners, runoff Guaranteed Investment Contracts (GIC) and individual annuity portfolios.
Financial Services Operations
AIG's financial services businesses engage in commercial aircraft leasing through International Lease Finance Corporation (ILFC) and the remaining Capital Markets portfolios through AIG Financial Products Corp. and AIG Trading Group Inc. and their respective subsidiaries (collectively, AIGFP). As of December 31, 2010, the principal business units in AIG's financial services segment included International Lease Finance Corporation (ILFC), and AIG Financial Products Corp. and AIG Trading Group Inc. and their respective subsidiaries (AIGFP). ILFC is an aircraft lessors that acquires commercial jet aircraft from various manufacturers and other parties and leases those aircraft to airlines. As of December 31, 2010, ILFC managed a lease portfolio of over 1,000 aircraft, including an owned fleet of 933 aircraft.
Other Operations
AIG's Other operations include results from parent and other operations, after allocations to AIG's business segments, Mortgage Guaranty operations, Asset Management operations and results from those divested businesses not included in discontinued operations. AIG's parent and other operations consist primarily of interest expense, intercompany interest income that is eliminated in consolidation, restructuring costs, expenses of corporate staff not attributable to specific segments, expenses related to efforts to improve internal controls and the financial and operating platforms, corporate initiatives, certain compensation plan expenses, corporate level net realized capital gains and losses, certain litigation related charges and net gains and losses on sale of divested businesses and properties that did not qualify for discontinued operations accounting treatment. AIG's Asset Management operations include the results of the Direct Investment business and the Institutional Asset Management business. On March 26, 2010, AIG completed the sale of its third-party asset management business. The Direct Investment business includes results of AIG Global Real Estate, the Matched Investment Program (MIP), AIG's historical program to generate spread income from investments yielding returns greater than AIG's cost of funds, and certain non-derivative assets and liabilities of AIGFP. AIG's Institutional Asset Management business is conducted through AIG Global Asset Management Holdings Corp. and its subsidiaries, including AIG Markets, Inc. (AIG Markets).
Name Age Since Current Position
Miller, Robert 69 2010 Chairman of the Board
Benmosche, Robert 67 2009 President, Chief Executive Officer, Director
Herzog, David 51 2008 Chief Financial Officer, Executive Vice President
Hancock, Peter 52 2010 Executive Vice President - Finance, Risk and Investments
Russo, Thomas 67 2010 EVP - Legal, Compliance, Regulatory Affairs and Government Affairs, General Counsel
Wintrob, Jay 54 2010 Executive Vice President - SunAmerica Financial Group
Moor, Kristian 51 Executive Vice President - Domestic General Insurance
Dooley, William 58 2010 Executive Vice President - Investments and Financial Services
Schreiber, Brian 45 2010 Executive Vice President - Treasury and Capital Markets
Walsh, Nicholas 60 2005 Executive Vice President - Foreign General Insurance
Machon, Monika 50 2009 Senior Vice President, Chief Investment Officer
Sankaran, Sid 33 2010 Chief Risk Officer, Senior Vice President
Hurd, Jeffrey 44 2010 Senior Vice President - Human Resources and Communications
Shamieh, Charles 44 2011 Senior Vice President - Corporate Chief Actuary
Farber, Jeffrey 45 2011 Senior Vice President and Deputy Chief Financial Officer
Miles, George 69 2005 Independent Director
Offit, Morris 74 2005 Independent Director
Nora Johnson, Suzanne 53 2008 Independent Director
Koellner, Laurette 56 2009 Independent Director
Lynch, Christopher 53 2009 Independent Director
Martinez, Arthur 71 2009 Independent Director
Steenland, Douglas 59 2009 Independent Director
Layton, Donald 60 2010 Independent Director
Rittenmeyer, Ronald 63 2010 Independent Director
Miller, Henry 65 2010 Independent Director
Key Dates:
1919: Cornelius Vander Starr forms American Asiatic Underwriters, a two-clerk insurance agency in Shanghai, China.
1926: Starr opens a New York office under the name American International Underwriters.
1939: With much of the world on the brink of war, Starr moves his headquarters from Shanghai to New York.
1948: Starr begins uniting his fragmented network of insurance companies by forming two Bermuda-based entities: American International Underwriters Overseas, Ltd. and American International Reinsurance Company, Inc. (AIRCO).
1949: Following the communist takeover of China, Starr moves his regional headquarters to Hong Kong.
1952: AIRCO gains control of American Home Assurance Company.
1960s:Several acquisitions are completed, including National Union Fire Insurance Company of Pittsburgh, Pennsylvania, and New Hampshire Insurance Company.
1967: As part of a major reorganization, American International Group, Inc. (AIG) is formed to become the holding company for the various insurance companies; Maurice R. Greenberg becomes president and CEO of AIG.
1968: Starr dies and Greenberg adds the chairmanship to his duties.
1969: AIG goes public.
1976: AIG is organized into four broad categories: the foreign general insurance division, the brokerage division of domestic general insurance, the agency division of domestic general insurance, and a life insurance division.
1987: The Financial Services Group is formed, consolidating the firm's burgeoning financial services operations.
1999: SunAmerica Inc., a major player in annuities and mutual funds, is acquired for $18.3 billion.
2001: AIG acquires American General Corporation for $23 billion; AIG reports losses of $820 million stemming from the events of September 11.
Statistics:
Public Company
Incorporated: 1967
Employees: 81,000
Total Assets: $492.98 billion (2001)
Stock Exchanges: New York London Tokyo Paris Swiss
Ticker Symbol: AIG
NAIC: 523120 Securities Brokerage; 523920 Portfolio Management; 524126 Direct Property and Casualty Insurance Carriers; 524113 Direct Life Insurance Car- riers; 524130 Reinsurance Carriers; 524210 Insurance Agencies and Brokerages; 532411 Commercial Air, Rail, and Water Transportation Equipment Rental and Leasing; 551112 Offices of Other Holding Companies
Address:
70 Pine Street
New York, New York 10270
U.S.A.
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