American International Group Inc.

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American International Group Inc. (AIG)
Headquarters	New York City
Key People	Robert B. Willumstad, Chairman and CEO

American International Group, Inc. (AIG) is the world's largest insurer with operations in more than 130 countries and jurisdictions. At its peak it had a market value of $239 billion. It is also a world leader in financial services. AIG companies serve commercial, institutional and individual customers through a worldwide property-casualty and life insurance network. AIG companies providee retirement services, financial services and asset management around the world. AIG's common stock is listed on the New York Stock Exchange, as well as the stock exchanges in Ireland and Tokyo.

In September of 2008, The U.S. Federal Reserve rescued American International Group from default when it sustained enormous losses stemming mostly from its $441 billion exposure to credit-default swaps and other derivatives.^[1] AIG accepted a deal to turn over control to the U.S. government in exchange for an $85 billion loan from the Federal Reserve. As part of the deal, AIG will replace its management. The agreement enabled AIG to stay in business and avert a collapse that could have threatened more financial companies after AIG's credit ratings were cut and shares fell 79 percent in a few days.

AIG was one of the hardest hit in the 2008 credit crisis. Its mainstream insurance business also was particularly damaged by a decline in investment income and losses from its mortgage insurer, United Guaranty Corp.^[2]

1 History
2 Products and Services
3 Key People
4 References

History

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In September 2007, AIG announced that it completed the merger of a wholly owned subsidiary of AIG with 21st Century Insurance Group (21st Century). Upon consummation of the merger, AIG acquired remaining 39.3% interest in 21st Century, which AIG did not previously own.