AIG Insurance Background |
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With service operators working in over 30 countries, American International Group, or AIG Insurance is one of the leaders in the insurance world. The company was founded in 1967, giving the company over 40 years of experience in the market. According to the Global Forbes 2000 List of companies, American International Group is the fourth largest company of its kind operating in the world as of 2006. The company is viewed as one the leaders in terms of insurance and financial services companies. In terms of commercial and industrial insurance writers operating in the US, AIG Insurance is the largest company.There are four unique markets where AIG Insurance places an emphasis: life insurance and retirement services, financial services, general insurance, and asset management. By continually developing new products, markets, and ways to distribute those products, AIG will continue to grow and change. Customers that seek help from AIG typically are looking for commercial, individual, and institutional insurance and support. AIG Insurance is a publicly traded company with stock listed on a number of different stock exchanges including London, Paris, Switzerland, Tokyo, and the New York Stock Exchange.
To better meet the needs of its customer base, AIG Insurance offers a variety of different policies and utilizes a strong workforce of 97,000 employees and over 700,000 independent agents and brokers. The company has always been concerned with keeping its customer base happy and satisfied, and to do so they have maintained a close relationship with their customers. To better meet the needs of their customer base, the company has also begun creating new products online to use on their website.
AIG Insurance has a wide variety of options for customers to choose from: financial services, aircraft and equipment leasing, capital markets, and finance and insurance finance business. They also offer some specialty services including asset management, institutional management, broker services, private banking, and a variety of other financial services.
AIG Insurance History
Today AIG Insurance is one of the leading providers of international insurance and financial service organization on a global scale, with products offered in over 130 countries. Individual, corporate, and institutional customers use the member companies of AIG for their casualty and life insurance needs. Underwriters of individual, commercial, and industrial insurance work wit the AIG companies that are scattered across different regions of the United States. AIG also owned the ILFC, which leases a variety of aircrafts including Airbus A-319s and Boeing 747-400s, which makes it the largest leaser of aircrafts in the country.
Edwin Cornelius Vander Starr originally founded AIG in 1919 in Shanghai, China. As the company continued to grow and expand, they increased their coverage to other parts of the world such as Asia, Latin America, Europe, and different areas of the Middle East. The company slowly changed their focus on 1962 to corporate coverage rather than personal insurance. Starr offered Hank Greenberg shares and US holdings, which helped the company continue to grow. Greenberg focused on using independent brokers instead of agents to sell the actual insurance products. He believed that this would help the company make an underwriting profit, and get their feet back on the ground.
Greenberg was officially named the successor of Starr, which was a milestone for the company and AIG went public in 1969. A settlement was reached between AIG and the Securities and Exchange Commission in 2004 for a reported $126 million. Scandal plagued the company for several years and in 2005 Greenberg retired after reports of inquiries into their financial history. The SEC along with other government agencies investigated these scandals. In 2006 things began to turn around for the company, as they became a sponsor of Manchester United and the English football league. The same year it was announced that AIG would pay a fine to the New York State Attorney General as part of a settlement between the two sides.
