32 Facts About AIG

AIG is a sponsor of the AIG Women's Open golf tournament.

AIG repaid $205 billion to the United States government in 2012.

AIG focused on opportunities in Latin America and, in the late 1930s, AIU entered Havana, Cuba.

However, AIG continued to expand its markets by introducing specialized energy, transportation, and shipping products to serve the needs of niche industries.

In 1992, AIG received the first foreign insurance license granted in over 40 years by the Chinese government.

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Early 2000s 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.

In February 2000, AIG created a strategic advisory venture team with the Blackstone Group and Kissinger Associates "to provide financial advisory services to corporations seeking high level independent strategic advice".

AIG was an investor in Blackstone from 1998 to March 2012, when it sold all of its shares in the company.

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.

AIG began his career at AIG as a clerk in its London office in 1970.

AIG then took on tens of billions of dollars of risk associated with mortgages.

AIG is much larger and complex than Lehman Brothers and its assets hitting the market all at once would likely cause worldwide chaos and send values plummeting.

AIG had sold credit protection through its London unit in the form of credit default swaps on collateralized debt obligations but by 2008, they had declined in value.

The New York United States Federal Reserve Bank stepped in, announcing creation of a secured credit facility, initially of up to $85 billion to prevent the company's collapse, enabling AIG to deliver additional collateral to its credit default swap trading partners.

The credit facility was secured by the stock in AIG-owned subsidiaries in the form of warrants for a 79.

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 history.

In March 2009, AIG compounded public cynicism concerning the "too big to fail" firm's bailout by announcing that it would pay its executives over $165 million in executive bonuses.

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.

In December 2009, AIG formed international life insurance subsidiaries, American International Assurance Company, Limited and American Life Insurance Company, which were transferred to the Federal Reserve Bank of New York, to reduce its debt by $25 billion.

In June 2009 AIG sold its majority ownership of reinsurer Transatlantic Re.

AIG sold its Taiwanese life insurance company Nan Shan Life to a consortium of buyers for $2.

AIG announced plans for an initial public offering of 19.

AIG began a joint venture with Hamilton Insurance Group and Two Sigma Investments to serve the insurance needs of small- to medium-sized enterprises.

In September 2017, the Financial Stability Oversight Council determined that AIG was no longer considered a nonbank systemically important financial institution .

AIG was a Lloyd's of London syndicate, involved in insurance-linked securities, a specialist in US small commercial excess and surplus underwriting, and a provider of crop insurance.

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Also in 2018 AIG acquired Ellipse, a UK life insurance business, from Munich Re.

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.

Also during that month, AIG reported its second consecutive quarter of underwriting profits, and AIG's Life and Retirement business, led by CEO Kevin Hogan, delivered "solid growth" and returns despite a volatile credit and equity market.

In January 2020, AIG announced it was ending its decade-long sponsorship of the All Blacks in 2021.

Blackstone and AIG entered a long-term asset management agreement for about one quarter of AIG's life and retirement portfolio, set to increase in subsequent years.

AIG offers property casualty insurance, life insurance, retirement products, mortgage insurance and other financial services.

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.