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Guarantees are backed by the claims-paying ability of the issuing insurance company. [77] In September 2010 AIG sold AIG Starr and AIG Edison, two of its Japan-based companies, to Prudential Financial for $4.2 billion in cash and $600 million in assumption of third party AIG debt by Prudential. [9] AIG was ranked 60th on the 2018 Fortune 500 list. You can make a one-time electronic payment or request a recurring draft through eService.Â. American International Group UK Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority (FRN number 781109). [18] He also focused on opportunities in Latin America and, in the late 1930s, AIU entered Havana, Cuba. [125] In January 2020, AIG announced it was ending its decade-long sponsorship of the All Blacks in 2021. [15] In 1939, Starr moved his headquarters from Shanghai, China, to New York City. [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. 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. [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. Maurice R. Greenberg and Lawrence A. Cunningham, American International Assurance Company, Limited, National Union Fire Insurance Company of Pittsburgh, PA, The United States Life Insurance Company in the City of New York, The Variable Annuity Life Insurance Company (VALIC), National Association of Insurance Commissioners, List of United States insurance companies, "AIG and China: Could A "Special Relationship" Translate into Cash? ", "US SEC: 2019 Form 10-K American International Group, Inc", "2016 10-K American International Group, Inc", "AIG to restructure into three new units, marking CEO's first big move", "AIG Retools Operating Structure Following Pledge From CEO", "AIG Restructures Again; Commercial Lines CEO Schimek to Leave", "SEC Filing American International Group, Inc. [85] Four months later, on September 6, 2012, AIG sold $2 billion of its investment in AIA to repay government loans. Discover how an annuity can help you get ready for retirement and secure protected lifetime income. AIG is proud sponsor of AIG Women’s Open (golf) and of New Zealand Rugby (AIG All blacks). [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. It insured tens of billions of dollars of derivatives against default, but did not purchase reinsurance to hedge that risk. [76] Fortress Investment Group purchased 80% of the interest in financing company American General Finance in August 2010. For help with claims, please share all hard copy documents with us via email. Thomas F. Motamed – Former Chairman and CEO. [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. 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. ANNOUNCE A NEW STRATEGIC ADVISORY VENTURE", "Do You Have An Old Line Life Insurance Policy? [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. AIG is proud to support all the professionals taking care of financial futures. Policies and annuities  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). Variable annuities are distributed by AIG Capital Services, Inc. (ACS). Issuing companies AGL and US Life are responsible for financial obligations of insurance products. 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. American International Group, Inc. is a global insurance company. 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). [139], On May 7, 2013, Los Angeles U.S. District Judge, Mariana Pfaelzer, ruled in a case between AIG and Bank of America concerning possible misrepresentations by Merrill Lynch and Countrywide as to the quality of the mortgage portfolio, that $7.3 billion of the disputed claims had not been assigned. "[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. [14], AIG was founded December 19, 1919[1] when American Cornelius Vander Starr (1892-1968) established a general insurance agency, American Asiatic Underwriters (AAU), in Shanghai, China. [115] Also in 2018 AIG acquired Ellipse, a UK life insurance business,[118] from Munich Re. Proceeds went to repay some of the aid it received from the government during the financial crisis. [81], AIG sold its Taiwanese life insurance company Nan Shan Life to a consortium of buyers for $2.16 billion in January 2011. Take steps today to prepare for the uncertainties of tomorrow. [5] The company operates through three core businesses: General Insurance, Life & Retirement, and a standalone technology-enabled subsidiary. 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. Martin J. Sullivan, OBE, (born 1955 in Essex, England), is the former Deputy Chairman of Willis Group Holdings plc (NYSE: WSH) and Chairman and CEO of its, Willis Global Solutions, which oversees brokerage and risk management advisory services for Willis’s multinational and global accounts. [116][117] The deal "brought in fresh underwriting talent," particularly in property risk and catastrophe risk. [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. 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). [citation needed] In the United States, AIG is the largest underwriter of commercial and industrial insurance. [24] Greenberg focused on selling insurance through independent brokers rather than agents to eliminate agent salaries. [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 received the first foreign insurance license granted in over 40 years by the us government to step and... Then took on tens of billions of dollars of derivatives against default, but did not purchase reinsurance to that! In 2008 to invalidate the claim altogether, arguing that it was filed fraudulently companies employed 49,600 people and career! Appointed CEO of AIG on May 15, 2017 of those securities, $ 57.8 billion were structured debt backed. Received from the government during the financial crisis by the claims-paying ability of the AIG 's! [ 9 ] AIG initially filed a suit against Carlson in 2008 to invalidate the claim altogether, that... 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