American International Group (AIG)

American International Group (AIG), Inc. – sometimes called AIG – is an American multinational insurance company with greater than 88 million purchasers in a hundred thirty international locations. AIG businesses rent over sixty four,000 humans in 90 countries. The corporation operates by means of three businesses: AIG Property Casualty, AIG life and Retirement and United guaranty enterprise (UGC). AIG Property Casualty

supplies insurance merchandise for industrial, institutional and character purchasers. AIG life and Retirement provides life coverage and retirement services in the U.S.. UGC specializes in mortgage guaranty coverage and mortgage insurance. AIG also specializes in world capital markets operations, direct funding and retained pursuits.

AIG’s company headquarters are in NY city, its Europe, center East, and Africa (EMEA) headquarters are in London, and its Asian headquarters are in Hong Kong. The enterprise serves 98% of the Fortune 500 businesses, 96% of Fortune 1000, and 90% of Fortune international 500, and insures forty% of Forbes four hundred Richest american citizens. AIG was once ranked fortieth largest corporation in the 2014 Fortune 500 list. In keeping with the 2014 Forbes global 2000 record, AIG is the 42nd-greatest public organization in the world.On March 31, 2015 AIG had a market capitalization of $75.04 billion.

AIG traces its roots back to 1919, when American Cornelius Vander Starr (1892-1968) headquartered a normal coverage company, American Asiatic Underwriters (AAU), in Shanghai, China. Trade grew quickly, and two years later, Starr shaped a lifestyles coverage operation.By means of the late Nineteen Twenties, AAU had branches for the duration of China and Southeast Asia, together with the Philippines, Indonesia, and Malaysia. In 1926, Mr. Starr opened his first office in the USA, American international Underwriters manufacturer (AIU).He also fascinated about opportunities in Latin the usa and, within the late 1930s, AIU entered Havana, Cuba.The consistent development of the Latin American agencies proved tremendous as it would offset the decline in industry from Asia because of the impending World war II.In 1939, Mr. Starr moved his headquarters from Shanghai, China, to NY city.

After World war II, American global Underwriters (AIU) entered Japan and Germany, to furnish insurance for American military personnel. During the late Forties and early Fifties, AIU endured to develop in Europe, with workplaces opening in France, Italy, and the UK.In 1952, Mr. Starr started out to focal point on the American market by obtaining Globe & Rutgers fire insurance enterprise and its subsidiary, American home fire Assurance enterprise. Through the end of the last decade, C.V. Starr's general and life insurance institution included an extensive community of sellers and offices in over seventy five nations.

In 1960, C.V. Starr hired Maurice R. Greenberg to advance an international accident and wellbeing business.Two years later, Mr.Greenberg reorganized one in all C.V. Starr’s U.S. Holdings right into a effective multiple line carrier.Greenberg keen on promoting insurance by means of independent brokers as a substitute than retailers to get rid of agent salaries. Making use of brokers, AIU might price coverage in keeping with its potential return although it suffered reduced revenue of specified products for great lengths of time with very little additional fee. In 1967, American worldwide group, Inc. (AIG) was incorporated as a unifying umbrella group for many of C.V. Starr’s normal and lifestyles insurance organizations.In 1968, Starr named Greenberg his successor. The organization went public in 1969.

The 1970s presented many challenges for AIG as operations within the core East and Southeast Asia had been curtailed or ceased altogether due to the altering political panorama. However, AIG endured to broaden its markets with the aid of introducing specialised vigour, transportation, and delivery merchandise to serve the desires of area of interest industries. By means of 1979, with a developing personnel and a global community of offices, AIG furnished customers advanced technical and hazard management potential in an increasingly aggressive marketplace.

During the 1980s, AIG persisted increasing its market distribution and international network by using delivering a vast variety of specialized merchandise, including pollution legal responsibility and political hazard.In 1984, AIG listed its shares on the brand new York inventory alternate (NYSE).For the duration of the 1990s, AIG developed new sources of revenue by means of numerous investments, including the acquisition of global rent Finance enterprise (ILFC), a provider of leased plane to the airline industry. In 1992, AIG got the primary foreign coverage license granted in over forty years via the chinese language government. Within the U.S., AIG received solar the us Inc. A retirement financial savings organization, in 1999.

The early 2000s saw a marked period of growth as AIG bought American common company, a main domestic existence coverage and annuities provider,and AIG entered new markets together with India.In February 2000, AIG created a strategic advisory enterprise team with the Blackstone workforce and Kissinger friends "to provide fiscal advisory offerings to companies looking for excessive degree impartial strategic advice. 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 for the period of the 2007-2008 monetary crisis.

In November 2004, AIG reached a US$126 million agreement with the U.S. Securities and trade commission and the Justice department partly resolving a quantity of regulatory issues, however the enterprise have got to nonetheless cooperate with investigators continuing to probe the sale of a non-average insurance product.