Vice Chairman Donald L. In my testimony, I will detail the support the Federal Reserve, working alongside the Treasury, has given AIG and the reasons for each of our actions. Before I go into the extended narrative, however, I think it would be useful to briefly put our decisions in their broader context.
Starr's general and life insurance organization included an extensive network of agents and offices in over 75 countries. Reorganization and specialization[ edit ] InC. Starr hired Maurice R. Greenberg to develop an international accident and health business.
Greenberg reorganized one of C. Using brokers, AIU could price insurance according to its potential return even if it suffered decreased sales of certain products for great lengths of time with very little extra expense.
InAmerican International Group, Inc. AIG was incorporated as a unifying umbrella organization for most of C. Starr's general and life insurance businesses. The company went public in However, AIG continued to expand its markets by introducing specialized energy, transportation, and shipping products to serve the needs of niche industries.
New opportunities and directions[ edit ] During the s, AIG continued expanding its market distribution and worldwide network by offering a wide range of specialized products, including pollution liability  and political risk.
Further expansion and decline[ edit ] Growth[ edit ] The early s saw a marked period of growth as AIG acquired American General Corporation, a leading domestic life insurance and annuities provider,  and AIG entered new markets including India.
Blackstone acted as an adviser for AIG during the financial crisis. Securities and Exchange Commission and the Justice Department partly resolving a number of regulatory matters, but the company must still cooperate with investigators continuing to probe the sale of a non-traditional insurance product.
Greenberg was ousted amid an accounting scandal in February Sullivan became CEO of the company in He began his career at AIG as a clerk in its London office in It insured tens of billions of dollars of derivatives against default, but did not purchase reinsurance to hedge that risk.
Secondly, it used collateral on deposit to buy mortgage-backed securities. When losses hit the mortgage market inAIG had to pay out insurance claims and also replace the losses in its collateral accounts. This letter was the latest volley in what The Wall Street Journal called a "public spat" between the company's board and management, on the one hand, and its key stockholders, and former CEO Maurice Greenberg on the other hand.
Willumstad was forced by the US government to step down and was replaced by Ed Liddy on September 17, Liddy, who earlier in the year announced his retirement.
The credit facility was secured by the stock in AIG-owned subsidiaries in the form of warrants for a How do they justify this outrage to the taxpayers who are keeping the company afloat?
AIG began selling some assets to pay off its government loans in September despite a global decline in the valuation of insurance businesses, and the weakening financial condition of potential bidders. AIG sold down its majority ownership of reinsurer Transatlantic Re.
The sale reduced Treasury's stake in AIG to 61 percent, from 70 percent before the transaction. The AIG logo and the Adidas logo, the league's primary sponsor, will be displayed on the league's team jerseys.
Department of the Treasury in December 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.
In addition, AIG sold off a number of its own assets to raise money to pay back the government. Industry veteran Brian Duperreault became the chairman of the new entity, and Richard Friesenhahn, the executive vice president of U. 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.The latest Tweets from AIG (@AIGinsurance).
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WorldwideAccount Status: Verified. Nepsis Inc. reduced its position in shares of American International Group Inc (NYSE:AIG) by % during the 3rd quarter, according to the company in its most recent 13F filing with the.
Nov 29, · Technical Analysis of American International Group, Inc.: Looking into the profitability ratios of AIG stock, the shareholder will find its ROE, ROA and ROI standing at %, % and %, respectively. A profitability ratio is an estimate of profitability, which is a .
He served in various senior executive positions with American Insurance Group (AIG) and its affiliates from to September , as an Executive Vice President of Foreign General Insurance and Chairman and Chief Executive Officer of American International Underwriters Inc.
(AIU) from April to September View the latest AIG stock quote and chart on MSN Money. Dive deeper with interactive charts and top stories of American International Group Inc. AIG earnings call for the period ending June 30,