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american international insurance company

December 29, 2020

[27], The 1970s presented many challenges for AIG as operations in the Middle East and Southeast Asia were curtailed or ceased altogether due to the changing political landscape. AIG is proud to support all the professionals taking care of financial futures. [11] On December 31, 2017, AIG had $65.2 billion in shareholder equity. [84], The United States Department of the Treasury announced an offering of 188.5 million shares of AIG for a total of $5.8 billion on May 7, 2012. [83], Nine years after the initial bailout, in 2017, the U.S. Financial Stability Oversight Council removed AIG from its list of too-big-to-fail institutions. history.[63][64]. [97] Later that year, Icahn won a seat on the board of directors and continued to pressure the company to split up its major divisions. AIG is proud sponsor of AIG Women’s Open (golf) and of New Zealand Rugby (AIG All blacks). [69] AIG sold its Hartford Steam Boiler unit on March 31, 2009, to Munich Re for $742 million. The company's filing status is listed as Withdrawal (Foreign). After Bailout, Dies at 70", "Nan Shan Life to buy part of AIG's Taiwan unit for $158 mln", "Carl Icahn turns up the pressure on AIG", "Corporate giant AIG to begin spinoff of Greensboro's United Guaranty", "How AIG CEO Hancock Ended Up on Way Out", "AIG to Join Two Sigma, Duperreault in Technology Venture", "AIG Reaches Deal to Sell Mortgage-Insurance Unit to Arch Capital for About $3.4 Billion", https://www.nytimes.com/2017/05/15/business/dealbook/aig-brian-duperreault-ceo.html, https://www.wsj.com/articles/aig-names-brian-duperreault-as-ceo-1494847979, https://www.nytimes.com/2017/03/09/business/dealbook/aigs-chief-executive-to-resign-after-turnaround-setback.html, https://annual.aig.com/2017/president-and-ceo-letter, https://www.carriermanagement.com/news/2017/05/15/167182.htm, https://www.reuters.com/article/us-aig-restructure/aig-to-restructure-into-three-new-units-marking-ceos-first-big-move-idUSKCN1C01ER, https://www.insurancejournal.com/news/national/2019/07/22/533498.htm, https://www.reuters.com/article/us-financial-crisis2008-aig/after-its-near-death-aig-ceo-plots-revival-by-returning-to-basics-idUSKCN1LQ15Y, https://www.carriermanagement.com/news/2018/04/01/177288.htm, https://www.wsj.com/articles/aig-promotes-senior-executive-zaffino-to-additional-title-as-president-11576671385?cx_testId=3&cx_testVariant=cx_2&cx_artPos=0#cxrecs_s, https://www.reuters.com/article/us-aig-president/aig-names-coo-peter-zaffino-as-president-idUSKBN1YM1DW, https://www.sec.gov/Archives/edgar/data/5272/000119312518016778/d512375d8k.htm, https://www.bloomberg.com/news/articles/2017-09-29/aig-sheds-too-big-to-fail-label-in-victory-for-ceo-carl-icahn, https://annual.aig.com/2018/president-and-ceo-letter, https://www.ft.com/content/3b9f9384-634c-11e8-a39d-4df188287fff, https://www.bloomberg.com/news/articles/2018-01-22/aig-to-buy-bermuda-reinsurer-validus-for-5-56-billion-in-cash, https://www.carriermanagement.com/news/2018/01/22/174817.htm, https://www.ft.com/content/20cade04-7483-11e8-aa31-31da4279a601, https://www.insurancejournal.com/news/national/2018/11/14/507502.htm, https://www.insurancejournal.com/news/international/2019/11/26/549587.html, https://www.businessinsurance.com/article/20190214/NEWS06/912326710/Duperreault-still-confident-in-AIG-turnaround-despite-2018-fourth-quarter-loss, "AIG chooses Women’s British Open for first title deal in golf", https://www.insurancejournal.com/news/national/2019/08/13/535634.htm, https://www.reuters.com/article/us-aig-results/aig-profit-beats-on-strong-underwriting-investment-income-idUSKCN1UX2CM, https://annual.aig.com/ui/2018/docs/AIG-2018-CEO-Letter.pdf, https://www.sportspromedia.com/news/all-blacks-lose-aig-sponsorship-2021-new-zealand-rugby, "History of American General Life Companies". Thomas F. Motamed – Former Chairman and CEO. American International Insurance Company's PlainSite profile, including litigation, intellectual property, public records and more. [81], AIG sold its Taiwanese life insurance company Nan Shan Life to a consortium of buyers for $2.16 billion in January 2011. [139] The two parties settled in July 2014, with Bank of America paying out $650 million to AIG, who in turn dismissed their litigation. Amy L. Schiodalger – Former Senior Managing Director and Global Head of Beta Strategies. GREAT AMERICAN INTERNATIONAL INSURANCE (UK) LIMITED - Free company information from Companies House including registered office address, filing history, accounts, annual return, officers, charges, business activity [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. 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. "[121] In 2019, AIG signed a five-year contract to be the title sponsor of Women's British Open, its first deal in golf. American International Group, Inc. was founded in 1919 and is headquartered in New York, New York. [30], The early 2000s saw a marked period of growth as AIG acquired American General Corporation, a leading domestic life insurance and annuities provider,[31] and AIG entered new markets including India. For other uses, see, 1945–1959: International and domestic expansion, 1959–1979: Reorganization and specialization, 1979–2000: New opportunities and directions, Expansion to the credit default insurance market, 2008 Liquidity crisis and government bailout. AIGPCIL’s ultimate holding company is American International Group, Inc. ("AIG") which is an SEC-registered company incorporated in the state of Delaware, USA. - CNN.com", "AIG may rethink asset sales in tough markets", AIG closes two transactions that reduce debt that IAG owes Federal Reserve Bank of New York by $25 billion, "Munich Re buys AIG's Hartford Steam Boiler for $742m", "Munich Re concludes purchase of Hartford Steam Boiler", "AIG selling 21st Century Insurance to Farmers Insurance", "AIG confirms sale of Transatlantic Re shares", "AIG in $15.5 billion unit sale to MetLife", "AIG Completes Sale of PineBridge Investments to Pacific Century", "Update: American General Finance sold to Fortress Investment Group " Evansville Courier & Press", "AIG set to repay $37 billion in bailout money", "Tomisue Hilbert settles suit over $15M policy", "A.I.G. Guarantees are backed by the claims-paying ability of the issuing insurance company. [43], Martin J. Sullivan became CEO of the company in 2005. [15] In 1992, AIG received the first foreign insurance license granted in over 40 years by the Chinese government. We've helped American families guard their financial futures for almost 100 years. [85] Four months later, on September 6, 2012, AIG sold $2 billion of its investment in AIA to repay government loans. [65] Total bonuses for the financial unit could reach $450 million, and bonuses for the entire company could reach $1.2 billion. [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". "[136], 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. American International Insurance Company is a Tennessee Domestic For-Profit Corporation filed on June 28, 1906. The Company provides a range of property casualty insurance, life insurance, retirement solutions … [99] In August 2016, AIG sold off United Guaranty, its mortgage-guarantee unit, to Arch Capital Group, a Bermuda-based insurer, for $3.4 billion. [86] 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. [24], In 1960, C.V. Starr hired Maurice R. Greenberg, known as Hank, to develop an international accident and health business. 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. [4] As of January 1, 2019[update], AIG companies employed 49,600 people. The company operates through three core businesses: General Insurance, Life & Retirement, and a standalone technology-enabled subsidiary. [81] The case was settled and dismissed with prejudice by U.S. District Court Judge Sarah Evans Barker on May 25, 2011. [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. [9] AIG was ranked 60th on the 2018 Fortune 500 list. [125] In January 2020, AIG announced it was ending its decade-long sponsorship of the All Blacks in 2021. [20][21], After World War II, American International Underwriters (AIU) entered Japan[15] and Germany,[22] to provide insurance for American military personnel. American International Specialty Lines Insurance Company's PlainSite profile, including litigation, intellectual property, public records and more. American International Insurance company -Aiico. JavaScript has been disabled on this browser. Guaranteed acceptance permanent coverage, ages 50 – 85, with no medical exams. [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. 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. [132] The AIG board had announced on January 9 that the company would not join the lawsuit. [13] AIG repaid $205 billion to the United States government in 2012. [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. [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. [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. Please upgrade to IE 11 or above; or try using a different browser. "[120], Duperreault and Zaffino set out a turnaround strategy for the General Insurance business in 2017 and began execution. [115] Also in 2018 AIG acquired Ellipse, a UK life insurance business,[118] from Munich Re. Linda A. [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. [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. Peer Steinbrück, the German finance minister, called to say that it was unthinkable AIG could go down. The company's Legacy Portfolio segment offers legacy insurance products. is a Life Assurance Company which commenced operations in Nigeria in 1963. It insured tens of billions of dollars of derivatives against default, but did not purchase reinsurance to hedge that risk. Use your creativity, problem-solving skills and passion toward a rewarding career. American International Group, Inc. is an international insurance organization. [105], 2017[106] through early 2019[107] saw AIG hire a number of new upper level executives,[106] including 125 senior underwriters and most of Duperreault's direct subordinates. [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. How do they justify this outrage to the taxpayers who are keeping the company afloat? The company went public in 1969. [51], 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. 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. [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. The company's filing status is listed as Inactive - Dissolved (Administrative) and its File Number is 000035291.The company's principal address is C/O Tennessee Trust, Memphis, TN 00000 and its mailing address is C/O Tennessee Trust, Memphis, TN 00000. AIG extends partnership of the AIG Women's Open through 2025. ANNOUNCE A NEW STRATEGIC ADVISORY VENTURE", "Do You Have An Old Line Life Insurance Policy? [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. [114] That July, AIG acquired Validus Holdings Ltd., a provider of reinsurance based in Bermuda. 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. Get access to your AIG Retirement Services retirement plan account here. [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. American International Insurance Company (AIICO) Insurance Plc. AIICO insurance plc is the leading player in the industry with the largest and most profitable agency network in Nigeria. Ronald will help accelerate AIG’s diversity, equity and inclusion strategy at all levels across the company. The company was also a Lloyd's of London syndicate, involved in insurance-linked securities,[115] a specialist in US small commercial excess and surplus underwriting, and a provider of crop insurance. [28] In 1984, AIG listed its shares on the New York Stock Exchange (NYSE). American International Insurance Company is located at 600 N King St,, Wilmington, DE 19899. . For help with claims, please share all hard copy documents with us via email. All companies are members of American International Group, Inc. (AIG). 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. Case, Surprise Ruling That Could End All Bailouts", "Greenberg's Starr to Appeal AIG Bailout Case to Supreme Court", "AIG drops a lawsuit versus New York Fed related to bailout", "BofA pays AIG $650 million to settle mortgage disputes", "How a Market Crisis Unfolded: Some of the key events in the upheaval", Business Week – List of Counterparties and Payouts, National Mutual Insurance Federation of Agricultural Cooperatives, https://en.wikipedia.org/w/index.php?title=American_International_Group&oldid=995671266, Life insurance companies of the United States, Financial services companies based in New York City, Insurance companies based in New York City, Multinational companies based in New York City, Publicly traded companies based in New York City, Financial services companies established in 1919, Companies listed on the New York Stock Exchange, Former components of the Dow Jones Industrial Average, Pages with non-numeric formatnum arguments, Articles containing potentially dated statements from January 2019, All articles containing potentially dated statements, Articles with unsourced statements from June 2020, Wikipedia articles with WORLDCATID identifiers, Creative Commons Attribution-ShareAlike License, John H. Fitzpatrick – Chairman, Oak Street Management Co., LLC, Henry S. Miller – Chairman, Marblegate Asset Management, LLC. See reviews, photos, directions, phone numbers and more for American International Insurance Company locations in New York, NY. Experts question whether there are even enough qualified buyers out there to digest the company and its subsidiaries. [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. to Sell Taiwan Unit for $2.16 Billion", "AIG Posts Loss on Writedowns Tied to AIA, Mortgage Declines", https://www.investopedia.com/articles/economics/09/american-investment-group-aig-bailout.asp, "U.S. Treasury Sells $5.8 Billion of AIG Stock", "AIG to sell $2 billion in AIA shares, repay US government", "Treasury sells big chunk of AIG stock at a profit", "AIG Sponsors Jersey of Rugby World Champion All Blacks Team", "Charlie Rose Talks to AIG Chief Robert Benmosche", "Robert Benmosche, Rescuer of A.I.G. "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?' Established in Ireland to write commercial insurance throughout the EU for important information from AIG, please visit our Updates! Plainsite profile, including litigation, intellectual property, public records and more try using a different.. In 1905 and is headquartered in New York, New York Stock Exchange ( NYSE ) Havana,.! 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