American General Insurance Co. (AIG) - Stock Certificate - Great HistoryInv# GS1018 Stock
General Stock printed by American Bank Note Company. Superb portrait of George Washington. Very important insurance co. with headquarters in Houston, TX. Available in Red, Orange, Brown or Blue. Please specify color.
American International Group, Inc., also known as AIG, is an American multinational finance and insurance corporation with operations in more than 80 countries and jurisdictions. As of January 1, 2019, AIG companies employed 49,600 people. The company operates through three core businesses: General Insurance, Life & Retirement, and a standalone technology-enabled subsidiary. General Insurance includes Commercial, Personal Insurance, U.S. and International field operations. Life & Retirement includes Group Retirement, Individual Retirement, Life, and Institutional Markets. AIG is a sponsor of AIG Womens Open (golf) and of New Zealand Rugby (AIG All blacks).
AIG's corporate headquarters are in New York City and the company also has offices around the world. AIG serves 87 % of the Fortune Global 500 and 83 % of the Forbes 2000. AIG was ranked 60th on the 2018 Fortune 500 list. According to the 2016 Forbes Global 2000 list, AIG is the 87th largest public company in the world. On December 31, 2017, AIG had $65.2 billion in shareholder equity.
During the financial crisis of 2008, the Federal Reserve bailed the company out for $180 billion and assumed control, with the Financial Crisis Inquiry Commission correlating AIG's failure with the mass sales of unhedged insurance. AIG repaid $205 billion to the United States government in 2012.
AIG was founded December 19, 1919 when American Cornelius Vander Starr (1892-1968) established a general insurance agency, American Asiatic Underwriters (AAU), in Shanghai, China. Business grew rapidly, and two years later, Starr formed a life insurance operation. By the late 1920s, AAU had branches throughout China and Southeast Asia, including the Philippines, Indonesia, and Malaysia. In 1926, Starr opened his first office in the United States, American International Underwriters Corporation (AIU). He also focused on opportunities in Latin America and, in the late 1930s, AIU entered Havana, Cuba. The steady growth of the Latin American agencies proved significant as it would offset the decline in business from Asia due to the impending World War II. In 1939, Starr moved his headquarters from Shanghai, China, to New York City.
On May 7, 2013, Los Angeles U.S. District Judge, Mariana Pfaelzer, ruled in a case between AIG and Bank of America concerning possible misrepresentations by Merrill Lynch and Countrywide as to the quality of the mortgage portfolio, that $7.3 billion of the disputed claims had not been assigned. The two parties settled in July 2014, with Bank of America paying out $650 million to AIG, who in turn dismissed their litigation.
- W. Don Cornwell Former Chairman and CEO, Granite Broadcasting Corporation
- Brian Duperreault Executive Chairman, American International Group
- John H. Fitzpatrick Chairman, Oak Street Management Co., LLC
- William G. Jurgensen Former CEO, Nationwide Insurance
- Christopher S. Lynch Former Partner, KPMG LLP
- Henry S. Miller Chairman, Marblegate Asset Management, LLC
- Linda A. Mills Former Vice President of Operations, Northrop Grumman Corporation
- Thomas F. Motamed Former Chairman and CEO, CNA Financial Corporation
- Suzanne Nora Johnson Former Vice Chairman, The Goldman Sachs Group, Inc.
- Peter R. Porrino Former Executive Vice President and Chief Financial Officer, XL Group Ltd
- Amy L. Schiodalger Former Senior Managing Director and Global Head of Beta Strategies, Blackrock Inc.
- Douglas Steenland Former President and CEO, Northwest Airlines Corporation
- Therese M. Vaughn Former CEO, the National Association of Insurance Commissioners
A stock certificate is issued by businesses, usually companies. A stock is part of the permanent finance of a business. Normally, they are never repaid, and the investor can recover his/her money only by selling to another investor. Most stocks, or also called shares, earn dividends, at the business's discretion, depending on how well it has traded. A stockholder or shareholder is a part-owner of the business that issued the stock certificates.