AIG is one the well renowned publicly traded insurance companies across the globe. Being structured as a holding company, the corporation has its headquarters in New York City while having a respectable presence not only across the United States, but internationally as well. When it comes to international business operations and insurance offerings, AIG accounts as a world leader as it operates across over 130 jurisdictions and countries through a network of more than 100 foreign and US-based subsidiaries.
As of now, the company’s General Insurance offerings consist of the largest underwriters in the US which provide both industrial and commercial insurance. Other notable features of the company’s insurance include an extensive international network of property-casualty, insurance operations for mortgage guaranty, high-net-worth customers, as well as a business of personal lines which mainly focuses on auto insurance.
The reasons why AIG excels in almost all of its services are its innovative approach towards insurance solutions, sheer underwriting skill, responsive handling of claims, superior structure, and financial strength. With its claims operation, AIG provides its customers with access to an expansive worldwide network which consists of dedicated legal firms and top experts.
The earliest evidence of AIG dates back to 1919, when a company known as American Asiatic Underwriters was established thanks to the efforts of Cornelius Vander Starr. The company operated in Shanghai, China initially, the place where it was originally founded. However, in 1939, it was relocated to NYC. A few years later, the company’s operations expanded internationally into markets across the world. In the 1960’s, the company finally came to be known as AIG when a unifying umbrella organization was formed in order to keep all of the subdivisions intact.
Simply put, the company’s operations mainly branched out due to the dedicated efforts of C.V. Starr in 1919 in Shanghai. American Asiatic Underwriters was successful in establishing a variety of subsequent consolidations and acquisitions of life, as well as casualty and property insurance providers across the globe.
The subdivisions of AIG serve several purposes, but are mainly known for their institutional, individual, and commercial offerings for casualty and property insurance, financial services, life insurance, asset management services, as well as retirement services. The main areas of the company’s business are as follows:
- General Insurance (commercial, personal, and industrial offerings for casualty and property insurance along with services for mortgage guaranty)
- Financial Services (group and individual life insurance, plus variable and fixed annuities)
- Asset Management (services for capital markets, consumer finance, insurance premium finance, and aircraft finance)
- Retirement Services and Life Insurance (retail, private, and institutional fund management)
AIG provides homeowners insurance which offers coverage for contents replacement, backup of drains and sewers, added living expenses, rebuilding expenses, options for cash settlement, landscaping insurance, damage due to domestic pets, and business property with an option of deductable up to $100,000. The company also provides a private client protection unit for wildfire to the people living in areas which are prone to wildfires.
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