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American International Group, Inc. (AIG) NYSE: AIG TYO: 8685 is a major American insurance corporation based in New York City. It has its Europe based HQ in Croydon in London, England. AIG is the fourth-largest company in the world according to the 2006 Forbes Global 2000 list. The company became a component of the Dow Jones Industrial Average on April 8, 2004.

History

AIG was founded in 1919 by Edwin Cornelius Vander Starr in Shanghai, China. Starr was the first Westerner in Shanghai to sell insurance to the Chinese. When his business was successful there, he expanded to Asia, Latin America, Europe, and the Middle East.

In 1962, Starr gave management of the company's unsuccessful U. CAR INSURANCE NEW YORK. S. holdings to 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 because Greenberg want 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.