American International Group

American International Group, Inc. - also known as AIG - with more than 88 million customers in 130 countries, is an American multinational insurance company. AIG companies employs 64,000 people in 90 countries. Property Accident AIG, AIG Life and Retirement and the United Guarantee Agency (UGC): The company operates through three business. AIG Accident Property, commercial, offers insurance products for corporate and individual customers. AIG Life and Retirement in the United States offers life insurance and retirement services. UGC focuses on mortgage guarantee insurance and mortgage insurance. AIG also global capital markets operations, focusing on direct investments and retained interests.

This $ 180 billion AIG released on bail by the federal government for the 2008 financial crisis and the government took control of a central player. US Financial Crisis Inquiry Commission of the government (FCIC) without hedging their investments sold large amounts of insurance primarily because AIG had failed to result. Credit default swaps are tremendous sales, leaving aside capital reserves, hedging or exposure is made from the first to put up collateral -. A deep failure of corporate governance, risk management practices, especially "

AIG's corporate headquarters in New York, its Europe, Middle East, and Africa (EMEA) headquarters in London and Asian headquarters in Hong Kong are. company 98% of Fortune 500 companies, 96% of Fortune 1000 and Fortune Global 500 and Forbes 400% gives 90 service insures 40% of the richest Americans. AIG 2014 Forbes Global 2000 list of Fortune 2014 companies in 500 took place in 40 major list.according AIG world.our March 31 42 2015 AIG has a large public company a market value of $ 75,040,000,000.

History

Early Years: 1945 1919

AIG back (1892-1968) American Cornelius Vander Starr general insurance agency was founded in 1919, traces the roots, American Asian Underwriters (AAU), in Shanghai, then quickly grew and two years china.business Star is a life insurer founded in the late 1920s operation. by AAA Philippines, Indonesia and including malaysia. 1926, there were branches in China and Southeast Asia, Mr. Starr United States, American International Underwriters Corporation (AISI) .He also opened its first office in Latin America ' focused on opportunities and in the late 1930s, AISI Havana entry cuba.th Latin upcoming world War II because American institutions of steady growth II.a of the decline in business from 1939 Asia proved to be important enough to compensate, Mr. Starr New York, Shanghai, China moved its headquarters.

Domestic and International Expansion: 1946 1959

Second World War, American International Underwriters (AIU) After entering Japan and Germany, to provide insurance to American military personnel. 1940s during the beginning of the end of 1950, AISI France, Italy and the United kingdom. the 1952 opening offices, continues to expand in Europe, Mr. Starr Globe & Rutgers Fire Insurance began to focus on the American market by acquiring the company and its subsidiary, ten years, American Home Assurance Fire recent CV Starr company.by general and life insurance organizations, including an extensive network of agents and offices in over 75 countries.

Reorganization and specialization: 1960 to 1979

In 1960, C.V. Maurice R. Greenberg, Starr was later hired to develop an international accident and health mr.greenberg year business.two plants c A successful re-focused on one of the multiple line Starr's independent broker carrier.greenberg agent to eliminate salary of US holdings rather than insurance sales through agents. using brokers, AIU can be very little extra expense for the sale of certain products with reduced time great effort even painful price insurance to potential returns. In 1967, American International Group, Inc. (AIG) plants c Most of 1968 was established as a unifying umbrella organization for general and life insurance businesses. Starr, Starr was appointed successor to Greenberg. the company went public in 1969.

In the 1970s the Middle East and restricted due to the changing political environment in Southeast Asia or completely stopped operations presented many challenges to AIG. However, AIG growing labor offices and a worldwide network of 1979 industries.by special energy to meet niche needs, continue to expand their market by providing transport and shipping products AIG to its customers deliver superior technical and risk management skills in an increasingly competitive market.

New Opportunities and Directions: 1999 1980

In the 1980s, specialty products, including in 1984 due to AIG pollution liabilityand political risk, a wide range of offering market distribution and continues to expand its worldwide network of AIG in New York Stock Exchange (NYSE) in the 1990s .Throughout AIG shares listed ILFC ( ILFC), 1992 industry. the airline leased aircraft purchase comes with a variety of providers, including advanced investment in new sources of AIG by the Chinese government took the first foreign insurance license for 40 years. Within the United States, AIG Sun America Inc. in 1999 bought a retirement savings company.

More expansion and decline: 2000 to 2012

Growth

AIG American General Corporation, a leading domestic life insurance and annuities provider is acquired as growth in the early 2000s saw a significant period and AIG INDIA.I's entry into new markets, including the February 2000 AIG Blackstone Group and Kissinger with strategic consulting venture team was formed Associates "to provide high-level strategic consulting seeking independent financial advisory services to companies." AIG when it sold all its shares in the company, 1998 was an investor Blackstone in March 2012. Blackstone has served as a consultant to AIG during the 2007-2008 financial crisis.

In November 2004, AIG US Securities and Exchange Commission and partly reached US $ 126 million settlement with the Justice Department to solve a number of regulatory issues, but the company still researchers need to collaborate investigation into the sale of a non-traditional insurance products.
Accounting scandals

In 2005, AIG Securities and Exchange Commission, a series of fraud investigations conducted by the US Department of Justice and New York Attorney General's Office was chaotic. Greenberg and AIG executives opened fined $ 1600000000 for some of the blame for the fall on February 2005.Th New York Attorney General's investigation into an accounting scandal.

On May 1, 2005, AIG's Audit Committee request and AIG's independent auditors in consultation with outside research done by attorneys, PricewaterhouseCoopers LLP 31 December 2003 2002 to restate the financial statements for years ending in 2001 has resulted in AIG's decision and 31 March 30 June to 30 September 2004 and 2003 and ended the quarter on December 31, 2003.Our 9 November 2005, which ended 2000 quarter, the company corrected the cause third-quarter earnings report lagged said earlier financial results to correct accounting errors.

Expansion of credit default insurance market

Martin J. Sullivan, was the company's CEO. 1970.AIG then took tens of billions of dollars in mortgage risks associated with AIG he began his career as a clerk in its London office. The tens of billions of dollars of insurance against default derivatives, but did not buy reinsurance to protect themselves from these risks. Secondly, the guarantee deposit is used to buy these mortgage-backed securities. The losses hit the mortgage market in 2007-2008, AIG was forced to pay insurance claims and compensation of losses to the deposit account at the same time.

AIG that $ 749 million.with due to the parent company's failure and the ongoing recession in late 2008. In 2007, online auto insurance specialist 21st Century Insurance bought 39% rest they have with AIG 21st Century Insurance, rebranded the insurance unit.

AIG has 4% of the outstanding stock public June 11, 2008, the three shareholders, CEO Martin Sullivan overthrow and handed over a letter to the management of change management and Board of Directors wishing to be some other AIG Board of Directors. On the other hand this letter to the Wall Street Journal, on the one hand, one of the company's board and management "public spat" last volley that was well and its key shareholders and former CEO Maurice Greenberg.


On June 15, 2008, the disclosure of a falling stock prices of financial losses and then later, Sullivan resigned and 2006. Willumstad to resign since forced by the US government, Robert B. Willumstad Management AIG Board was replaced by Chairman of the Board and on September 17th Ed Liddy place, management Mr. Liddy 2008.AIG the board announced his retirement last year, instead of 3 August 2009 named CEO Bob Benmosch