Sierra Acai Company
Sierra Acai Company
Open 7 Days a Week
MonaVie Independent Distributor
Distributor Training
Shop Online
Enroll Now
Buy Wholesale and maintain an Active status for 2 months and we will refund your $39 Distributor Fee
Friends
Buy Wholesale and maintain an Active status for 2 months and we will refund your $39 Distributor Fee
16-September-2008 16:15:12 - International Group Redirected from AIG July 2008 AIG redirects here. For other uses, see AIG disambiguation. American International Group, Inc. Type Public NYSE: AIG Founded 1919 Headquarters 70 Pine Street, New York City, New York Key people Robert B. Willumstad, Chairman and CEO Industry Insurance Financial Services Products Insurance Annuities Mutual Funds Financial Products Revenue â–² $110.064 billion USD 2007 Net income â–² $6.2 billion USD 2007 Employees More than 100,000 Website www.aig.com American International Group, Inc. AIG NYSE: AIG is a major American insurance corporation based in New York City. The UK headquarters are located on Fenchurch Street in London, England. UK, Continental Europe operations are based in La Defense, Paris and its Asian HQ is in Hong Kong. According to the 2008 Forbes Global 2000 list, AIG is the 18th-largest company in the world. It became a component of the Dow Jones Industrial Average on April 8, 2004. As of March 16, 2007, AIG Investments, a division of AIG, completed the purchase of 100% of the stock of PO Ports North America from Dubai-based DP World. Contents 1 History 2 Holdings 3 Business 4 Business model 5 Subsidiary Structure4 6 Litigation 7 Sponsorship 8 Accounting fraud claims 8.1 Timeline 9 Corporate governance 9.1 Board of directors 10 See also 11 References 11.1 Data 11.2 Books 11.3 Articles 12 External links History AIG's history dates back to 1919 by when Cornelius Vander Starr established an insurance agency in Shanghai, China. Starr was the first Westerner in Shanghai to sell insurance to the Chinese. After his business became successful in Asia, he expanded to other markets, including Latin America, Europe, and the Middle East. In 1962, Starr gave management of the company's less than successful U.S. holdings to Maurice R. Hank Greenberg, who shifted the company's U.S. focus from personal insurance to high-margin corporate coverage. Greenberg focused on selling the insurance through independent brokers rather than agents to avoid selling insurance at prices which occasionally became too low to cover the future payouts given marketplace competition. A company with agents must pay their salary even while selling little to no insurance. Instead, with brokers, AIG could price insurance properly even if it suffered decreased sales of certain products for long lengths of time with very little extra expense. In 1968, Starr named Greenberg his successor. The company went public in 1969. Greenberg resigned as the company's CEO in February 2005 and was succeeded by Martin Sullivan, who began his career at AIG as a clerk in its London office in 1970. On June 15, 2008, under intense pressure due to financial losses and a falling stock price, Martin Sullivan resigned from the CEO position. He was replaced by Robert B. Willumstad who has served as Chairman of the Board of Directors of the Company since 2006. Holdings AIG Tower in Hong Kong AIG Tower in Hong Kong AIG owns ILFC International Lease Finance Corporation, the world's largest aircraft leasing company, with hundreds of aircraft ranging from Airbus A319s to Boeing 747s. Through various subsidiaries, AIG owns about 100% of 21st Century Insurance Group see http://finance.yahoo.com/q?s=TW. 21st Century Insurance Company http://www.21st.com, insures auto, motorcycles, and personal umbrella policies. The Home office is in Woodland Hills California. AIG owns American International Assurance known as AIA. It is an insurance company based in Hong Kong and has offices in the Asia-Pacific region. AIG directly owns 9.9% of People's Insurance Company of China PICC. Through three subsidiaries plus its direct ownership, AIG actually owns 19.8 percent. AIG owns Stowe Mountain Resort. AIG's connection to Stowe started when C.V. Starr, the company's founder, invested in the resort in 1946. It is AIG's sole ski business. At Stoic Old Stowe, a New Era As of August 2007, AIG Investments through its member company AIG Capital Partners, Inc. acquired a 90% stake in Bulgarian Telecommunications Company BTC from Viva Ventures Holding GmbH Viva and certain minority shareholders. Then, in May 2007, Novator and Viva signed an agreement for AIG Investments to acquire Viva's 65% stake in BTC. AIG also owns AIG American General, a life insurance company based out of Houston, Texas. American General Life Insurance Company owns Matrix Direct Insurance Services, one of the largest direct marketers of Term Life Insurance AIG owns Ocean Finance1 a UK based company providing home owner loans, mortgages and remortgages.2 AIGSS a subsidiary of AIG Global Services, Inc., a member company of American International Group, Inc., commenced business operations in March 2003 with its corporate office and a software delivery center at Chennai Tamil Nadu and a delivery center at Kolkatta West Bengal in India. 1 AIG also owns a share in London City Airport. Business AIG is one of the largest international insurance and financial services organizations in the world, with operations in more than 130 countries and jurisdictions. AIG member companies serve commercial, institutional and individual customers through the most extensive worldwide property-casualty and life insurance networks of any insurer. In the United States, AIG companies are the largest underwriters of commercial and industrial insurance and AIG American General is a top-ranked life insurer. AIG's global businesses also include financial services, retirement services and asset management. AIG's financial service businesses include aircraft leasing, financial products, trading, market making and financial advice. AIG's growing global consumer finance business is led in the United States by American General Finance. AIG also owns several of the largest U.S. retirement services businesses through AIG Retirement and AIG SunAmerica, and the largest network of independent broker-dealers through AIG Advisor Group; through these subsidiaries AIG runs asset management for the individual and institutional markets, with specialized investment management capabilities in equities, fixed income, alternative investments and real estate. AIG's common stock is listed on the New York Stock Exchange NYSE: AIG, as well as stock exchanges in Japan and Ireland TYO: 8685; ISEQ: AIN. 3 AIG is also the principal sponsor of English football team Manchester United and the Japan Open Tennis Championships. Business model This section does not cite any references or sources. Please help improve this section by adding citations to reliable sources. July 2008 A major focus of AIG's insurance business model is the concept of an underwriting profit. For example, an auto insurer collects money every month from its customers in the form of premium. Should a customer have a covered auto accident, the company pays out a claim. In the time between the receipt of each premium payment and the paying of the claim, the money received by the insurer can be invested. Returns from investments are the primary source of profits for an insurance company. If the amount of premiums taken in is greater than the claims paid out including the cost of adjusting the claim even before taking into account investment returns the excess additional profit is called an underwriting profit. Greenberg believed that it was necessary for an insurance company to make an underwriting profit, even though typically most property and casualty insurance companies do not. Subsidiary Structure4 AIG American General Life Companies AIG Annuity Insurance Company AIG Europe UK Limited AIG Financial Products Corp. AIG Hawaii Insurance Company, Inc. AIG Investments Utilities, Inc. AIG Retirement Services, Inc. AIG SunAmerica Life Assurance Company The Variable Annuity Life Insurance Company Allied World Assurance Company Holdings, Ltd American General Finance Corporation American Life Insurance Company Brazos Capital Management, L.P. HSB Group, Inc. International Lease Finance Corporation Lexington Insurance Company SunAmerica Ventures, Inc. AIG Financial Advisors Transatlantic Holdings, Inc. Transatlantic Re Brasil Ltda. Transatlantic Reinsurance Company United Guaranty Corporation Litigation In November 2004, AIG reached US$126 million settlement with the U.S. Securities and Exchange Commission and the Justice Department partly resolving a number of regulatory matters, but the company still must cooperate with investigators continuing to probe the sale of a non-traditional insurance product. On June 11, 2008, three stockholders, collectively owning 4% of the outstanding stock of AIG, delivered a letter to the Board of Directors of AIG seeking to oust CEO Martin Sullivan and make certain other management and Board of Directors changes. This letter was the latest volley in what the Wall Street Journal deemed a public spat between the Company's Board and management, on the one hand, and its key stockholders, and former CEO Maurice Hank Greenberg on the other hand. 5 Sponsorship In 2006, AIG became main sponsors of Manchester United Football Club. AIG CEO Martin Sullivan said in an interview with Time magazine that they invest millions of dollars into Manchester United not because they want to buy the UK: it was because they want to buy Asia. Manchester United has a huge following in Asia. The deal with Manchester United is said to be worth around £14m a year, the largest shirt sponsorship deal in the English Premier League at this date. Accounting fraud claims In 2005 AIG came under investigation for accounting fraud. Timeline On October 14, 2004 the New York State Office of Attorney General Eliot Spitzer announced that it had commenced a civil action against Marsh McLennan Companies for steering clients to preferred insurers with whom the Company maintained lucrative payoff agreements, and for soliciting rigged bids for insurance contracts from the insurers. The Attorney General announced in a release that two AIG executives pleaded guilty to criminal charges in connection with this illegal course of conduct. In early May 2005, AIG restates financial statements, and issues a reduction in book value of USD $2.7 billion, a 3.3 percent reduction in net worth. On February 9, 2006, AIG and the New York State Attorney General's office agreed to a settlement in which AIG would pay a fine of $1.6 billion. Corporate governance Board of directors Robert Willumstad- Chairman of the Board of Directors and Chief Executive Officer American International Group Stephen F. Bollenback- Former Co-Chairman and CEO, Hilton Hotels Corporation Marshall A. Cohen- Counsel: Cassels Brock Blackwell Martin S. Feldstein- Professor of Economics, Harvard University Ellen V. Futter- President, American Museum of National History Richard C. Holbrooke- Vice Chairman, Perseus LLC George L. Miles- President and Chief Executive Officer, WQED Multimedia Morris W. Offit- Chairman, Offit Capital Advisors LLC Michael H. Sutton- Consultant Frank G. Zarb- Senior Advisor and Managing Director, Hellman and Friedman LLC. Stepeh L. Hammerman- Retired Vice Chairman, Merril Lynch and Co., Inc. Fred H Langhammer- Chairman, Global Affairs, and former CEO of The Estee Lauder Companies, Inc. Virginia M. Rometty- Senior Vice President, Global Business Services, IBM Corporation Stephen F. Bollenback- Former Co-Chairman and CEO, Hilton Hotels Corporation James F. Orr, III- Chairman of the Board of Trustees, The Rockefeller Foundation Edmund S.W. Tse- Senior Vice Chairman, Life Insurance, American International Group See also AIG Retirement AIG Advisor Group References ^ BBC - Business - AIG buys Ocean Finance ^ Ocean Finance ^ ANNOUNCEMENT OF ADMISSION 2008-03-06. Retrieved on 2008-05-12. ^ American International Group, Inc. information and related industry information from Hoover's ^ AIG Investors Seek Ouster of Chief Executive Sullivan. Bloomberg.com 2008-06-11. Retrieved on 2008-07-21. Data Yahoo! - American International Group, Inc. Company Profile. Books Fallen Giant: The Amazing Story of Hank Greenberg and the History of AIG ISBN 047191696X Articles AIG to reveal details of Gen Re deal Famous Philanthropists and the Foundations They Built - Part 1 ... - Cornelius Vander Starr External links AIG Website Corporate information v d e Dow Jones Industrial Average companies Current 3M · Alcoa · American Express · American International Group · ATT · Bank of America · Boeing · Caterpillar Inc. · Chevron Corporation · Citigroup · The Coca-Cola Company · DuPont · ExxonMobil · General Electric · General Motors · Hewlett-Packard · The Home Depot · Intel · IBM · Johnson Johnson · JPMorgan Chase · McDonald's · Merck Co. · Microsoft · Pfizer · Procter Gamble · United Technologies Corporation · Verizon Communications · Wal-Mart · The Walt Disney Company Selected former Altria Group · American Telephone Telegraph · American Tobacco Company · Bethlehem Steel · Colorado Fuel and Iron · Eastman Kodak · General Foods · Goodyear Tire and Rubber Company · Honeywell · International Paper · Johns-Manville · Nash Motors · Navistar International · North American Company · Owens-Illinois · Sears, Roebuck and Company · Union Carbide · United States Rubber Company · F. W. Woolworth Company Retrieved from http://en..org/wiki/American_International_Group Categories: Companies listed on the New York Stock Exchange | Companies listed on the Tokyo Stock Exchange | Companies listed on the Irish Stock Exchange | Dow Jones Industrial Average | Companies established in 1919 | Companies based in New York City | Insurance companies of the United States | Corporate crime | American International Group | Media and communications in CroydonHidden category: Articles needing additional references from July 2008 Views Article Discussion this page History Personal tools Log in / create account Navigation Main page Contents Featured content Current events Random article Search Go Search Interaction Community portal Recent changes Contact Donate to Help Toolbox What links here Related changes Upload file Special pages Printable version Permanent link Cite this page Languages БългарÑ?ки Deutsch Français í•œêµì–´ Bahasa Indonesia Italiano עברית Nederlands ‪Norsk bokmÃ¥l‬ Polski Português Română РуÑ?Ñ?кий СрпÑ?ки / Srpski Suomi Svenska ä¸æ–‡ This page was last modified on 15 August 2008, at 14:29
39 Reasons to Drink Acai Juice Every Day
What is MonaVie - Watch the 8-minute video
Discovering MonaVie Video
The Power of You Video
Effects of MonaVie Active on Antioxidant Capacity in Humans
Log into your Wholesale MonaVie Account
So many of us do not eat a balanced diet, get enough sleep, have too much stress, or are impacted with toxins and pollutants. Drinking 2 ounces of MonaVie twice a day will help your body detoxify as well as build your immune system. Its the smartest thing you can do for yourself, so start today. Buying MonaVie through our company guarantees you support 7 days a week and, if you would like to share MonaVie with your family and friends we will guide you from start to finish.
1. Click on Enroll Now (30 - 55% off retail price)
2. Pay $39 for your Wholesale ID number.
3. NO minimum order required.
4. MonaVie is delivered to your door in 3 to 5 days.