American International Group (AIG) is a multinational insurance corporation founded in 1919 by Cornelius Vander Starr in Shanghai. It grew through international expansion, innovative products, and acquisitions, but faced a near-collapse during the 2008 financial crisis, receiving a massive federal bailout and subsequently restructuring.
Cornelius Vander Starr establishes American Asiatic Underwriters in Shanghai, China, selling fire and marine insurance. This marks the founding of what will become American International Group. #insurance #history
Starr opens a branch in New York City, marking AIG's entry into the US market. The company begins writing insurance for American businesses operating overseas. #expansion #business
Due to political instability in Asia and World War II, AIG relocates its headquarters from Shanghai to New York City. This shift solidifies the company's focus on global insurance markets. #relocation #history
After World War II, AIG re-enters Asian markets, including Japan, and expands its operations across Southeast Asia. The company leverages local expertise to rebuild its presence. #expansion #asia
Maurice R. 'Hank' Greenberg is hired to lead the company's foreign operations. Under his leadership, AIG will grow into a global insurance giant. #leadership #insurance
Founder Cornelius Vander Starr dies, and Maurice R. Greenberg succeeds him as CEO. Greenberg's aggressive expansion strategy transforms AIG into a major conglomerate. #leadership #transition
American International Group, Inc. is incorporated and its shares are listed on the New York Stock Exchange (NYSE: AIG). The IPO raises capital for further expansion. #finance #IPO
AIG forms American International Underwriters (AIU) to consolidate its international property-casualty operations. This streamlines global insurance offerings. #insurance #business
AIG expands into the Middle East, establishing operations in Iran and other Gulf countries. This diversification taps into oil wealth. #expansion #middleeast
AIG acquires National Union Fire Insurance Company of Pittsburgh, Pa., strengthening its domestic property-casualty business. #acquisition #insurance
AIG lists on the London Stock Exchange (LSE) to gain access to European capital markets and enhance its international profile. #finance #expansion
AIG buys International Lease Finance Corporation (ILFC), an aircraft leasing company, for $1.1 billion. This diversifies AIG into non-insurance assets. #acquisition #aviation
AIG strengthens its presence in Japan by acquiring a majority stake in AIU Insurance Company of Japan. Japan becomes a key market. #expansion #japan
AIG becomes the first foreign insurer to receive a license to operate in China since 1949, leveraging its historical ties. #china #insurance
AIG acquires SunAmerica Inc., a retirement savings and insurance company, for $18 billion. This expands AIG's life insurance and annuity business. #acquisition #finance
AIG establishes AIG Investments to manage its growing portfolio of third-party assets. The division becomes a significant player. #finance #assetmanagement
AIG buys American General Corporation, a life insurance and financial services firm, for $23 billion. This makes AIG one of the largest life insurers in the US. #acquisition #lifeinsurance
AIG moves its global headquarters to 70 Pine Street in New York City, a landmark skyscraper. The building becomes synonymous with the company. #realestate #headquarters
AIG's total assets surpass $1 trillion, reflecting its massive scale in insurance and financial services. #finance #milestone
Martin Sullivan becomes CEO following Greenberg's resignation. He faces challenges in restoring investor confidence. #leadership #transition
AIG pays $1.6 billion to settle charges of accounting fraud and bid-rigging. The scandal leads to the ouster of CEO Maurice Greenberg. #scandal #legal
AIG's financial products division, AIG Financial Products, expands its credit default swap business, writing billions in insurance on mortgage-backed securities. This ultimately leads to near-collapse. #finance #risk
AIG reports net income of $11.2 billion for 2006, its highest ever. The stock price peaks, but underlying risks from credit derivatives are growing. #finance #profit
The Federal Reserve provides an $85 billion emergency loan to AIG to prevent its collapse due to massive losses from credit default swaps. The US government takes an 80% equity stake. #financialcrisis #bailout
Edward Liddy, former Allstate CEO, is appointed by the US government to lead AIG through its restructuring. He oversees the sale of assets to repay the bailout. #leadership #restructuring
AIG announces plans to sell major assets, including ILFC, AIA Group (Asian life insurance), and American General, to raise $50-100 billion to repay the Fed. #restructuring #asset
AIG pays $165 million in retention bonuses to employees, sparking national outrage. The company is criticized for rewarding failure while receiving taxpayer funds. #controversy #bonuses
AIG agrees to sell its Asian life insurance unit, AIA, to Prudential plc for $35.5 billion, but the deal collapses in 2010 due to shareholder opposition and price disagreements. #sale #asia
AIG launches an IPO of AIA Group on the Hong Kong Stock Exchange, raising $20.5 billion. The proceeds are used to repay the Federal Reserve. #ipo #insurance
AIG repays the Federal Reserve Bank of New York in full, including interest, totaling $47 billion. The US Treasury still holds a majority stake. #finance #repayment
AIG sells its American General life insurance division to MetLife for $16.6 billion, as part of its downsizing strategy. #sale #insurance
The US Treasury begins selling its stake in AIG through public stock offerings, eventually recouping all bailout funds. By 2012, the government recovers its full investment. #bailout #recovery
AIG sells its aircraft leasing subsidiary, ILFC, to AerCap for $7.6 billion, completing a major divestiture. #sale #aviation
AIG is designated a nonbank systemically important financial institution (SIFI) by the Financial Stability Oversight Council (FSOC). In 2017, FSOC rescinds this designation. #regulation #finance
Brian Duperreault returns as CEO to lead AIG's turnaround. He focuses on underwriting discipline and technology. #leadership #turnaround
AIG partners with SoftBank to explore insurtech and digital insurance solutions, aiming to modernize operations. #partnership #technology
AIG marks its centennial, reflecting on its history from a Shanghai startup to a global insurer. #anniversary #milestone
AIG faces claims related to business interruption and event cancellations due to COVID-19. The company suspends share buybacks and focuses on liquidity. #pandemic #insurance
AIG unveils plans to spin off its life and retirement business into a separate publicly traded company, Corebridge Financial, to streamline operations. #restructuring #spin
Corebridge Financial begins trading on the NYSE, marking the separation of AIG's life insurance business. AIG retains a majority stake. #ipo #lifeinsurance
AIG completes the full legal and operational separation of Corebridge Financial, becoming a pure property-casualty insurer. #restructuring #insurance
Peter Zaffino, formerly COO, succeeds Brian Duperreault as CEO, continuing the focus on underwriting excellence and digital transformation. #leadership #succession
AIG reports improved underwriting margins and a combined ratio below 100%, indicating profitability in its core insurance business. #finance #performance