Insurance companies are always the first in line of action when it comes to providing services to customers who are willing to invest for such benefits in certain circumstances in the imminent future. One of the most trustworthy and high-quality commercial insurance companies by personal claims and other services as well is the AIG insurance company. The American International Group (AIG) is a public company focused on providing a wide variety of insurances to different markets. The location where is AIG located is in New York City, New York, United States.
American International Group (AIG) on Map
|HQ:||175 Water Street , New York, NY 10038|
|Traded as:||NYSE: AIG|
|Industry:||Insurance, Financial Services|
|Founded:||1919 in Shanghai, China|
|Founder:||Cornelius Vander Starr|
|Products:||Insurance, Property Casualty (Commercial and Consumer) , Life and Retirement, Mortgage Insurances|
Key People/Executives for American International Group
|Peter D. Hancock||Chief Executive Officer, President and Director|
|David Lawrence Herzog||Chief Financial Officer and Executive VP|
|Siddartha Sankaran||Chief Financial Officer and Executive VP|
|Douglas Adam Dachille||Chief Investment Officer and Executive VP|
|Kevin T. Hogan||Executive VP and Chief Executive Officer of Global Consumer Insurance|
American International Group History/Overview
AIG In the year of 1919, Cornelius Vander Starr, the main founder, establishes the American Asiatic Underwriters or the AAU. This is a general insurance company based in Shanghai, China. This marked the beginning of roots of the current AIG.
Years 1937 and 1939 are labelled as the international inception years for AIG as Latin American and New York operations began respectively.
While in 1951, Middle Eastern operation in Lebanon was successfully established. The company currently operates worldwide, a major achievement that AIG has achieved.
During hard times, AIG has played a major role. The institution provided support in the past WWII as well. C.V. Starr helped employees and their families.
Financial support and supplies during the war and jobs after the war are provided as they continue to give a helping hand to those who need.
Going forward, services of AIG were expanded. AIG provided travel accident insurance for the New York Yankees’ trips through the entire country.
This is the time when security is a prerequisite since people will go to and fro to different locations and their security should be ensured.
In terms of trading in the stock market, AIG started trading on the NYSE (New York Stock Exchange) in 1984. Revenue-wise, records show that AIG made $52.4 billion in 2016. Assets increased to $498.3 billion.
With regards to AIG’s current share price, it slightly fell into 60.99 (-1.29%, May 13 4:00PM EDT) but is still acceptable.
In the 20th century, AIG became a player in providing support in times of calamities and even sporting events all over the world. They provided financial support during the Japan earthquakes in 2011, which is something appreciative to do from a company far off the recipient. Dublin football teams were sponsored by AIG as well in the year of 2013.
Peter Hancock was just recently named as the President and CEO in AIG in 2014. From that point on, notable acquisitions of different organizations were done such as acquisition of Ageas Project UK and Laya Healthcare in Ireland.
American International Group Products
AIG has a wide variety of products with regards to providing insurance to different clients. These are classified into four main segments. These are as follows:
- Commercial Insurance – Their commercial Insurance segment is a provider of different services such as direct insurance programs, casualty insurance, damages, and others. It also offers a range of products to customers through a multichannel distribution network.
- Consumer Insurance – This is a franchise that brings together a portfolio of retirement, life insurance and personal insurance products that are widely provided through distribution networks. It holds market positions in many of the United States product lines, and it’s provided opportunities are available international
- Other Operations – This consists of businesses and items not attributed or labelled to the past two modules or its Legacy Portfolio. This is considered as their extension to other modules such as the AIG Parent, United Guaranty Residential Insurance Company under the United Guaranty, Institutional Markets, and deferred tax assets.
- Legacy Portfolio – This segment includes Legacy Property (focused on the base property terms and native terms) and Casualty Run-Off Insurance Lines (run-offs to concurrent casualties and terms). The segment also includes Legacy Life Insurance Run-Off Lines & Legacy Investments, two of which are labelled unto the Legacy section.