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.
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.View the basic AIG stock chart on Yahoo Finance.
Change the date range, chart type and compare American International Group, I against other companies. Deal brings new capabilities and aligns well with AIG’s strategy of growing the business. American International Group Insurance Company Acquires Privately Owned Water Utility New York City-based American International Group (AIG) is one of the largest insurance and financial services companies in the world, with revenues of $ billion in alone.
American International Group Inc holds a buysignal from the short-term moving average; at the same time, however, a sales signal from the long-term average. Since the longterm average is above the short-term average there is a general sales signal in the stock.
View the latest AIG stock quote and chart on MSN Money. Dive deeper with interactive charts and top stories of American International Group Inc.
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