Presented with Excellence Awards for Best Community Engagement and Best Digital Strategy at the 2020 Insurance Business Awards. [18] He also focused on opportunities in Latin America and, in the late 1930s, AIU entered Havana, Cuba. Industry veteran Brian Duperreault became the chairman of the new entity, and Richard Friesenhahn, the executive vice president of U.S. casualty lines at AIG, became CEO. [68] In December 2009, AIG formed international life insurance subsidiaries, American International Assurance Company, Limited (AIA) and American Life Insurance Company (ALICO), which were transferred to the Federal Reserve Bank of New York, to reduce its debt by $25 billion. 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. New York, NY 10006 From Business: Founded in 1872, Great American Insurance Company owns various registered service marks, including the Great American Insurance Group, Great American and… 20. 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? It has acquired the highest quality of learning systems and processes. Peter R. Porrino – Former Executive Vice President and Chief Financial Officer. [42] [50] AIG's board of directors named Bob Benmosche CEO on August 3, 2009, to replace Liddy, who earlier in the year announced his retirement. Peer Steinbrück, the German finance minister, called to say that it was unthinkable AIG could go down. Policy coverage is subject to the specific terms and conditions of each policy wording. The company operates property and casualty insurance networks worldwide and conducts activities in the U.S. life insurance and retirement services industry. [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. [89] The Treasury said that it and the Federal Reserve Bank of New York provided a total $182.3 billion to AIG, which paid back a total $205 billion, for a total positive return, or profit, to the government of $22.7 billion. Find latest American International Insurance Company (AIICO) Insurance Plc jobs in Nigeria July, 2020. [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. In 1967, American International Group, Inc. (AIG) was incorporated as a unifying umbrella organization for most of C.V. Starr's general and life insurance businesses. Linda A. "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?' [123] Also during that month, AIG reported its second consecutive quarter of underwriting profits,[124] and AIG’s Life and Retirement business, led by CEO Kevin Hogan, delivered "solid growth" and returns despite a volatile credit and equity market. [125] In January 2020, AIG announced it was ending its decade-long sponsorship of the All Blacks in 2021. At AIG, we believe that diversity and inclusion are critical to our future and our mission – creating a foundation for a creative workplace that leads to innovation, growth, and profitability. It has acquired the highest quality of learning systems and processes. [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). [7] Duperreault, who previously worked at AIG from 1973 until 1994,[101] was hired as CEO from Hamilton Insurance Group[102] following Hancock's announcement in March 2017 that he would step down as AIG CEO under pressure after a period of disappointing financial results. The company went public in 1969. [73] The Wall Street Journal reported on September 7, 2009, that Pacific Century Group had agreed to pay $500 million for a part of AIG's asset management business, and that they also expected to pay an additional $200 million to AIG in carried interest and other payments linked to future performance of the business. JavaScript has been disabled on this browser. [34], In March 2003 American General merged with Old Line Life Insurance Company. Products and services may not be available in all states and product features may vary by … [108] In 2018, AIG established Fortitude Re to hold most of its run-off portfolios and late in 2018 sold a minority stake to The Carlyle Group. 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. [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. AIG Australia Limited (AIG Australia) is a general insurance company and is regulated by the Australian Prudential Regulation Authority (APRA). How do they justify this outrage to the taxpayers who are keeping the company afloat? Investment AMERICAN INTERNATIONAL ASSURANCE COMPANY, LIMITED. [37], In 2005, AIG became embroiled in a series of fraud investigations conducted by the Securities and Exchange Commission, U.S. Justice Department, and New York State Attorney General's Office. [44] AIG then took on tens of billions of dollars of risk associated with mortgages. [72] In June 2009 AIG sold its majority ownership of reinsurer Transatlantic Re. In 2019,[111] Duperreault stated that the new executive team had restructured the business, implemented new risk and underwriting guidelines, and "overhauled its reinsurance buying strategy. We have offices, technical expertise and underwriting authority in Melbourne, Sydney, Perth and Brisbane. The company operates through three core businesses: General Insurance, Life & Retirement, and a standalone technology-enabled subsidiary. Greenberg was ousted amid an accounting scandal in February 2005. [137], AIG filed suit against the Federal Reserve Bank of New York in January 2013 in order to maintain the former's right to sue Bank of America and other issuers of bad mortgage debt. True diversity encompasses more than gender and race. [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. Read more about working at American International Insurance Company (AIICO). "[120], Duperreault and Zaffino set out a turnaround strategy for the General Insurance business in 2017 and began execution. [12], During the financial crisis of 2008, the Federal Reserve bailed the company out for $180 billion and assumed control, with the Financial Crisis Inquiry Commission correlating AIG's failure with the mass sales of unhedged insurance. Life Business. American International Insurance Co. LLC is a Delaware Limited-Liability Company (Llc) filed on August 2, 2002. AIG Retirement Services represents AIG member companies - The Variable Annuity Life Insurance Company (VALIC), Houston, TX and its subsidiaries, VALIC Financial Advisors, Inc. (VFA) and VALIC Retirement Services Company (VRSCO). [93] While Benmosche stayed on in an advisory role,[93] he died in February the following year. history.[63][64]. Recently, American International Insurance Company has listed the available vacant position in which interested candidates who are willing to work can apply below. 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. [135] Judge Wheeler did not award compensation to the plaintiffs, ruling that they did not suffer economic damage because "if the government had done nothing, the shareholders would have been left with 100 percent of nothing. [81], AIG sold its Taiwanese life insurance company Nan Shan Life to a consortium of buyers for $2.16 billion in January 2011. [35], In the early 2000s, AIG made significant investments in Russia as the country recovered from its financial crisis. [15] Business grew rapidly, and two years later, Starr formed a life insurance operation. On 4 December 2009, AIG sold preferred equity interests in two newly formed international life insurance subsidiaries, American International Assurance Company, Limited (AIA) and American Life Insurance Company (ALICO), to the Federal Reserve Bank of New York to reduce its debt by US$25 billion. [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. ", "AIG Forks Up $126 million to SEC on PNC Deals", "AIG executive sentenced to 4 years in prison", "AIG Nears Completion of Internal Review; Will Restate Results Provides Update on Internal Review and Timing", "AIG rebrand US auto insurance unit 21st Century Insurance, and cut jobs", "AIG renaming auto insurance division, cutting jobs", "AIG Investors Seek Ouster of Chief Executive Sullivan", "Former AIG CEO Willumstad foregoes some stock awards", "Tuesday, September 16, 2008 . - 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. [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. is a Life Assurance Company which commenced operations in Nigeria in 1963. We understand the importance of good customer service, so we keep our offices well staffed with knowledgeable licensed professionals to make your time here as easy and enjoyable as possible. Our strategy is focused on enhancing the value and competitive position of our insurance businesses and investing our capital where we can achieve attractive risk-adjusted returns, while maintaining strong levels of liquidity and capital. [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. [20][21], After World War II, American International Underwriters (AIU) entered Japan[15] and Germany,[22] to provide insurance for American military personnel. Great American International Insurance (EU) DAC – established in Ireland to write commercial insurance throughout the EU. [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. [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. [citation needed] In the United States, AIG is the largest underwriter of commercial and industrial insurance. [116][117] The deal "brought in fresh underwriting talent," particularly in property risk and catastrophe risk. American International Specialty Lines Insurance Company United States C Corporation. AIG common stock is listed on the New York Stock Exchange and the Tokyo Stock Exchange. 115 likes. [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. This, together with quality products and superior service helps us develop efficient, honest, fair and transparent relationships. In Thailand, AIA has been the market leader for over 20 years, with the biggest market share based on total premium from all lines of business. 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. What unites us across all of these products is our commitment to helping our clients prepare for what’s next. [85] Four months later, on September 6, 2012, AIG sold $2 billion of its investment in AIA to repay government loans. Why the Fed pulled the trigger on AIG: What did the government get for its $85 billion? We are a wholly owned subsidiary of AIG Property Casualty International, LLC (“AIGPCIL” or “Parent”). 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. [80] The case involved JB Carlson and Germaine Tomlinson, and alleged that AIG managers allowed Carlson to take out life insurance policies against Tomlinson without an insurable interest, which some labeled a "death bet". - Women’s Executive Leadership Initiative – Global. American International Assurance Company, Limited (AIA) is the country’s leading life insurance company that has been serving the Thai people for 70 years, since October 1, 1938. [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. At AIG, we maintain a global and inclusive mindset to effectively identify, develop, and retain a diverse workforce and to optimize creativity, productivity, and innovation. The address of the Business's registered office is at the AIA TOWER building. Through a wide variety of programs and initiatives, we invest in each employee, seeking to ensure that our people are not only respected as individuals, but also truly valued for their unique perspectives. [47][48], On June 11, 2008, three stockholders, collectively owning 4% of the outstanding stock of AIG, delivered a letter to the Board of Directors of AIG seeking to oust CEO Martin Sullivan and make certain other management and Board of Directors changes. [19] The steady growth of the Latin American agencies proved significant as it would offset the decline in business from Asia due to the impending World War II. 123 likes. AIG traces its roots to 1919, when American Cornelius Vander Starr established a general insurance agency, American Asiatic Underwriters, in Shanghai, China. [78] On November 1, 2010, AIG raised $36.71 billion from both the sale of ALICO and its IPO of AIA. Today, AIG is focused on what it has been known for since the beginning: the willingness and ability to provide insurance coverage to meet the diverse needs of its clients. [122], In August 2019, Duperreault and Zaffino announced "AIG 200", a multi-year program to improve operations by shedding legacy processes and excess manual interventions, modernizing and digitizing workflows, and unifying operations. Fostering a culture within AIG that actively seeks and encourages diverse backgrounds, life experiences, and thinking styles will help us to better understand, connect with, and serve our clients – fulfilling our mission of being the most valued insurance company in the world. is a Life Assurance Company which started operations in Nigeria in 1963. [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. The AIG brand is enhanced through our building of key diverse community and supplier relationships, and by tapping diverse perspectives and ideas to enhance global business opportunities, Insurance Business Broker Survey Award for Best Turnaround Time, Insurance Business Broker Survey Award for Best Premium Stability, Insurance Business Broker Survey Award for Best Online Platforms, Insurance Business  Broker Survey Award for Best Commission Structure, Insurance Business Award for Best Digital Strategy - General Insurer. Companies are leading providers of Life Insurance, Life & Retirement includes Group Retirement, and a standalone technology-enabled.. The U.S the AIG board had announced on January 9 that the Company 's Number... 49,600 people [ 13 ] AIG sold off a Number of its own assets to raise to! General merged with Old Line Life Insurance Company American General merged with Old Line Life Insurance Company is Agent... 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