American International Group (AIG) | American General Life Insurance Company

About: The individual who actually started American International Group, Inc. was Cornelius Vander who established a company in China and was the first westerner to sell insurance to the Chinese. He left China in 1949 when the Communists took over China and moved the company to its current home in New York City. From there he expanded the company into numerous other markets and other geographic locations. In 1962, he gave management of the company to Maurice R. Greenberg who shifted the focus from personal insurance to corporate coverage. Greenberg focused on selling insurance through independent brokers rather than agents as a means of eliminated agent salaries and increasing profit for the company. The company was accused of fraud in 2005, Greenberg was replaced by Martin Sullivan. However, after following the collapse of the sub-prime housing market in 2008, the Federal government replaced Sullivan with Edward M. Liddy. In August of 2009, Liddy retired and was replaced by Robert Benmosche. Currently, the government owns 79% of the stock in AIG. AIG has a four part restructuring program, supported by the Federal Government, that is designed to enable the company to pay back loans, reduce future market risk, and to create a stronger, more independent insurance industry. AIG continues to ensure customers that all insurance and annuity products are safe.

The company has reported over 470 billion in assets. Through their subsidiaries, they offer life, fire, automobile and casualty insurance as well as investments.

Offerings: AIG offers Term life quotes directly through their web site. Through their American General Life Insurance Company, you can also purchase Universal Life, Return of Premium Term Life and Cancer Care insurance as well as property and casualty insurance.

Unique Features: AIG is the largest insurance company in the world with subsidiaries in many European and Asian countries. The American General Life and Accident Insurance Group offers universal life, whole life, accident and health insurance as well as annuity products. Their annuities include deferred annuities and Immediate income annuities.

Ratings: In spite of market difficulties over the past two years, AIG remains an A rated company with most ranking agencies. Currently, it is backed by the strength of the Federal Government. American Life Insurance maintains the required assets to back their insurance policies and to pay claims.

Location: 2727 Allen Pkwy Ste. A, Houston, TX 77019-2116

Phone: (713) 522-1111

* This page was last updated, September, 2009. The information provided is believed, but not guaranteed, to be accurate.

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