AIG Insurance Background
AIG Insurance is a group of companies known as the American International Group, and is one of the leading service operators in more than 130 countries. AIG was founded in 1967. As per the ratings of 2006, Global Forbes 2000 List, considered AIG as the fourth largest company in the world. AIG is the world’s leading international insurance and financial services company. In the U.S., AIG is the largest underwriter of commercial and industrial insurance. AIG concentrates its focus on four distinct markets: life insurance and retirement services, financial services, general insurance and asset management. AIG continues to enhance its financial growth through development of new products, markets and distribution channels. The customer base ranges from commercial, individual and institutional customers. AIG stock is listed in the New York Stock Exchange, and in other stock exchanges such as London, Paris, Switzerland and Tokyo.
AIG insurance offers many types of policies to meet the needs of its customers with a workforce of 97,000 employees and 714,000 agents and brokers. The main goal of AIG insurance has always been customer satisfaction, and the company keeps a close contact with its customer base. AIG insurance has also launched many web-based systems to meet customer needs. AIG insurance company offers a mix of products from financial services, aircraft and equipment leasing, capital markets as well as consumer finance and insurance finance business. In addition, AIG insurance offers asset management and institutional management services that includes broker services and private banking and many other services.
AIG Insurance History
AIG Insurance has its services in more than 130 countries, and is the leading international insurance and financial service organization of the world. The member companies of AIG serve many individual, corporate and institutional customers through the casualty and life insurance networks. There are many AIG companies located in different parts of the United States , who are the underwriters of individual, commercial and industrial insurance. It owns ILFC, the largest aircraft leasing company leasing many aircrafts that range from Airbus A-319s to Boeing 747-400s.
Edwin Cornelius Vander Starr in Shanghai , China founded AIG in 1919. In the later years when the business became successful, the business expanded to other areas that included Asia, Latin America, Europe as well as many parts of the Middle East . In 1962, the focus of the company shifted from U.S. from personal insurance to a corporate coverage. Then Hank Greenberg carried it forward when Starr offered him the U.S. holdings. The focus of Greenberg was the selling of the different insurance through independent brokers, rather than agents. Greenberg believed that it was essential for any insurance company to make a profit that known as an underwriting profit.
Another milestone took place when Starr named Greenberg as his successor. In 1969, AIG went public. In 2004, AIG settled its dispute with the Securities and Exchange Commission for $126 million. In February 2005, Greenberg resigned as the CEO of the company amid different concerns relating to regularity inquiries. The company encountered many scandals in 2004, including several accounting irregularities investigated by SEC another governmental agencies. Also in 2004, the company restated its financial statements. On April 6, 2006, the company began to sponsor English football (soccer) and the team of Manchester United. On February 9, 2006, the company reached a settlement with New York State Attorney General’s office, in which AIG agreed to pay a fine.