American International Group

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American International Group, Inc.
Company typePublic (NYSEAIG)
(80% owned by U.S. Government)
IndustryInsurance Financial Services
FoundedFlag of China (1912–1928).svg
FounderCornelius Vander Starr
HeadquartersUnited States 70 Pine Street,
New York City, New York
Area served
Key people
Robert B. Willumstad
(Outgoing CEO)
Edward M. Liddy
(Incoming CEO)
ProductsInsurance Annuities mutual funds Financial Products
RevenueDecrease US$ 110.064 Billion (2007)
Decrease US$ 8.943 Billion (2007)
Decrease US$ 5.36 Billion (2nd Quarter 2008)
Total assetsUS$ 1.050 Trillion ( 2nd Quarter 2008)
Total equityDecrease US$ 78.09 Billion (2nd Quarter 2008)
Number of employees
116,000 (2008)

American International Group, Inc. (AIG) (NYSEAIG, TYO: 8685 , ISEQ: AIN) is a major American insurance corporation based in New York City. The company's UK headquarters are in London, its Continental Europe operations are based in Paris and its Asian HQ is in Hong Kong. According to the 2008 Forbes Global 2000 list, AIG was the 18th-largest company in the world. It became part of the Dow Jones Industrial Average on April 8, 2004.

On September 16, 2008, the U.S. Federal Reserve Bank announced its plan to lend the insurer $85 billion, U.S. dollars, in exchange for a 79.9% equity stake in the company.[1][2]

AIG announced on the same day that its board accepted the terms of the Federal Reserve Bank's loan offer.[3]

References[change | change source]

  1. Fed Readies A.I.G. Loan of $85 Billion for an 80% Stake
  2. United States Federal Reserve Board of Governors, Press release: Federal Reserve Board, met with full support of the Treasury Department, authorizes the Federal Reserve Bank of New York to lend up to $85 billion to the American International Group (AIG), September 16, 2008
  3. "AIG Statement on Announcement by Federal Reserve Board of $85 Billion Secured Revolving Credit Facility: Addresses Liquidity Issues and Policyholder Concerns". American International Group, Inc. 2008-09-17. Retrieved 2008-09-16.

Other websites[change | change source]