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American International Group
Wikipedia (en)
American International Group, Inc., also known as AIG, is an American multinational insurance corporation with more than 88 million customers in 130 countries. As of 2015 AIG companies employed around 65,000 people. The company operates through three businesses: AIG Property Casualty, AIG Life and Retirement, and United Guaranty Corporation (UGC). AIG Property Casualty provides insurance products for commercial, institutional, and individual customers. AIG Life and Retirement provides life insurance and retirement services in the United States. UGC focuses on mortgage guaranty insurance and mortgage insurance. AIG also provides financial services in global capital markets operations, including direct investment and retained interests.
AIG was a central player in the financial crisis of 2008. It was bailed out by the federal government for $180 billion, and the government took control. The Financial Crisis Inquiry Commission (FCIC) of the US government concluded AIG failed primarily because it sold massive amounts of insurance without hedging its investment. Its enormous sales of credit default swaps were made without putting up initial collateral, setting aside capital reserves, or hedging its exposure — a profound failure in corporate governance, particularly its risk-management practices."
AIG's corporate headquarters are in New York City, its Europe, Middle East, and Africa (EMEA) headquarters are in London, and its Asian headquarters are in Hong Kong. The company serves 98% of the Fortune 500 companies, 96% of Fortune 1000, and 90% of Fortune Global 500, and insures 40% of Forbes 400 Richest Americans. AIG was ranked 40th largest company in the 2014 Fortune 500 list. According to the 2014 Forbes Global 2000 list, AIG is the 42nd-largest public company in the world. On March 31, 2015, AIG had a market capitalization of $75.04 billion.
