AIG History & Trivia | Brand History and Trivia
AIG History: American International Group is an American multinational insurance corporation, which operates in 130 countries.
The company’s business consists of four core areas: General Insurance, Life Insurance & Retirement Services, Financial Services and Asset Management.
AIG Ticker: NYSE – AIG
AIG Founder: Cornelius Van der Star also called as Neil Star, an American businessman was the founder of AIG. He was the first Westerner to sell insurance to the Chinese in Shanghai.
AIG Tagline: “The Strength to Be There” (2007-present)
AIG history dates back to 1919, when Cornelius Vander Star established the American Asiatic Underwriters, an insurance agency in Shanghai, China. He continued to do so till 1949, till the People’s Liberation Army lead by Mao Zedong came to Shanghai, after which he moved the company to New York.
In 2005, AIG became embroiled in a series of fraud investigations. The CEO Maurice R. Greenberg was ousted amid an accounting scandal in February 2005; and was replaced by Martin J. Sullivan.
AIG suffered from a liquidity crisis when its credit ratings were downgraded below “AA” levels in September 2008 following which the United States Federal Reserve Bank created an $85 billion credit facility to enable the company to in exchange for the issuance of a stock warrant to the Federal Reserve Bank for 79.9% of the equity of AIG. The Federal Reserve Bank and the United States Treasury further increased the potential financial support to AIG to as much as $182.5 billion in 2009.
In June 2008, Sullivan was replaced by Robert B. Willumstad as the CEO, who was again forcedto step down from the post by the US government. He was succeeded by Edward Liddy in September 2008. Liddy retired in 2009 and Robert Benmosche was named the CEO and President.
– AIG was once the world’s largest insurance provider and was ranked 6th on Forbes list of largest American businesses in 2007.
– AIG was the primary sponsor of Manchester United, the English Premiership League side from the 2006-2010. The deal was one of the most prestigious in English football, at a whopping £14.1million-a-year for 4 years. The AIG-associated period was a successful term for Manchester United as it won 3 successive Premiership titles, 2 Football League titles and once the UEFA Champions League.