AIG Insurance


In 1967 AIG was formed, and would go on to offer services in over 130 countries around the world. Today AIG refers to a group of businesses that operate under the banner of the American International Group. AIG is listed as the fourth biggest business in the world, according to the Global Forbes 2000 list from 2006. Though they are the largest company in the world in terms of international insurance and financial services, they still maintain a personal relationship with their customers. AIG remains the biggest underwriter for commercial insurance and industrial insurance in the United States.

There are four specific markets where AIG can be found: general insurance and asset management, financial services, and life insurance and retirement services. By changing the way they do business: expanding into new markets and looking for new channels for distribution, AIG has grown even larger. They can attribute their financial growth to the new markets, along with the new products they developed. They have customers ranging from individual customers to commercial customers and institutional customers. The company is a publicly traded one, with listings on the New York Stock Exchange as well as exchanges in Tokyo, Switzerland, London, and Paris.

AIG employees 97,000 workers and over 714,000 independent agents and brokers, all with the sole purpose of providing the customers with everything they need. AIG is devoted to customer satisfaction, and making their customers as happy as possible. To reach this goal the company tries to form personal relationships with all customers, including remaining in contact with them. Their website is also full of features for customers. AIG offers a number of different services to please their customers from aircraft and equipment leasing to financial services. They also offer information on capital markets, consumer finance, and insurance financing for businesses. Customers also have access to asset management, institutional management services, private banking, broker services, and a number of other services and products.
AIG Insurance History
With offices in over 130 countries, AIG Insurance is one of the leading sellers of international insurance and financial services worldwide. Through casualty and life insurance divisions, AIG and their member organizations serve corporate and institutional customers. Scattered throughout the United States are a number of different service centers specializing in industrial, individual, and commercial insurance. The company also controls ILFC, which leases a number of different aircrafts including Boeing 477-400's and Airbus planes.
AIG was originally started in 1919 by Edwin Cornelius Vander Starr in Shanghai, China. The company would later expand into other countries and areas including Asia, Latin America, the Middle East, and Europe. In the United States the company changed their business to corporate coverage from personal insurance during the early 1960's. Starr would later turn over all US holding to a man named Hank Greenberg. Greenberg believed in the power of using independent brokers to sell the variety of insurance products, rather than using agents. He put faith in the idea that an underwriting profit was key to turning a real profit in his insurance company.
Starr would later officially name Greenberg as the man to take over when he retired. The company also went public in 1969, and began trading in stock markets around the world. Following a dispute with the Securities and Exchange Commission in 2004, the company settled for $126 million. The following year Greenberg resigned under somewhat odd circumstances, but mainly due to pressures from inside the company and their customers. The same year the company had to deal with a number of scandals as the SEC and other organizations became investigating their books. Later that year they began releasing their financial statements. In 2006 the company worked to sponsor Manchester United and the English football league. The same year the company was forced to pay a fine after settling with the New York State Attorney General's office.