American International Group
American International Group (AIG) is a multinational finance and insurance corporation with operations in more than 80 countries and jurisdictions. As of 2021, AIG companies employed 46,000 people. The company operates through three core businesses: General Insurance, Life & Retirement, and a standalone technology-enabled subsidiary. AIG is headquartered in New York City.
History[edit | edit source]
AIG was founded in Shanghai, China, in 1919 by American Cornelius Vander Starr. Starr was the first Westerner in Shanghai to sell insurance to the Chinese, which he continued to do until AIG left China in early 1949. After World War II, AIG moved its headquarters to New York City, and Starr began to focus on the American market.
Operations[edit | edit source]
AIG's corporate structure is divided into three main units: AIG General Insurance, AIG Life & Retirement, and Blackboard Insurance. AIG General Insurance includes one of the largest networks of commercial insurance businesses in the world. AIG Life & Retirement includes a broad range of life insurance and retirement services.
Controversies[edit | edit source]
AIG has been the focus of several controversies and investigations, most notably in 2008 when it was bailed out by the U.S. government during the financial crisis. The bailout was controversial and led to significant changes in AIG's operations and corporate structure.
See also[edit | edit source]
References[edit | edit source]
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Contributors: Prab R. Tumpati, MD
