American International Group, Inc. (AIG) operates as a global insurance organization.
AIG provides insurance solutions that help businesses and individuals in over 200 countries and jurisdictions protect their assets and manage risks through AIG operations, licenses, and authorizations, as well as network partners.
Segments
The company operates through three segments: North America Commercial, International Commercial, and Global Personal.
North America Commercial
North America Commercial c...
American International Group, Inc. (AIG) operates as a global insurance organization.
AIG provides insurance solutions that help businesses and individuals in over 200 countries and jurisdictions protect their assets and manage risks through AIG operations, licenses, and authorizations, as well as network partners.
Segments
The company operates through three segments: North America Commercial, International Commercial, and Global Personal.
North America Commercial
North America Commercial consists of insurance businesses in the United States, Canada and Bermuda.
International Commercial
International Commercial consists of insurance businesses in Japan, the United Kingdom, Europe, Middle East and Africa (EMEA region), the Asia Pacific, Latin America and Caribbean, and China. International also includes the results of Talbot Underwriting Ltd., as well as AIG’s Global Specialty business.
Global Personal
Global Personal consists primarily of insurance businesses in the United States as well as Japan, the United Kingdom, Europe, Middle East and Africa (EMEA region), Asia Pacific, Latin America and Caribbean, and China.
General Insurance
General Insurance provides insurance products and services for commercial and personal insurance customers. It includes one of the world’s most far-reaching property casualty networks. General Insurance offers a broad range of products to customers through a diversified, multichannel distribution network.
General Insurance includes the following major operating companies: National Union Fire Insurance Company of Pittsburgh, Pa. (National Union); American Home Assurance Company (American Home); Lexington Insurance Company (Lexington); AIG General Insurance Company, Ltd.; AIG Asia Pacific Insurance, Pte, Ltd.; AIG Europe S.A.; American International Group UK Ltd.; Talbot Underwriting Ltd. (Talbot); Western World Insurance Company; and Glatfelter Insurance Group (Glatfelter).
Products and Distribution
Property & Short Tail: Products include commercial and industrial property, including business interruption, as well as package insurance products and services that cover exposures to man-made and natural disasters.
Casualty: Products include general liability, environmental, commercial automobile liability, workers’ compensation, excess casualty, and crisis management insurance products. Casualty also includes risk-sharing and other customized structured programs for large corporate and multinational customers.
Financial Lines: Products include professional liability insurance for a range of businesses and risks, including directors and officers, mergers and acquisitions, fidelity, employment practices, fiduciary liability, cyber risk, kidnap and ransom, and errors and omissions insurance.
Global Specialty: Products include marine, energy-related property insurance products, aviation, political risk, trade credit, trade finance, and portfolio solutions.
On July 3, 2023, AIG completed the sale of Crop Risk Services, Inc. (CRS) to American Financial Group, Inc. (AFG) and in substance, AIG exited the crop business.
On November 1, 2023, AIG completed the sale of Validus Reinsurance, Ltd. (Validus Re), including AlphaCat Managers Ltd. and Talbot Treaty reinsurance business to RenaissanceRe Holdings Ltd. (RenaissanceRe).
Personal Insurance
Global Accident & Health: Products include group personal accident and business travel products for employees, associations and other organizations, and voluntary and sponsor-paid personal accident and supplemental health products for individuals.
On December 2, 2024, AIG completed the sale of its global individual personal travel insurance and assistance business to Zurich Insurance Group.
Personal Lines: Products include personal auto and homeowners in selected markets, comprehensive extended warranty, device protection insurance, home warranty and related services, and insurance for high net-worth individuals offered through Private Client Select (PCS) in the U.S. that covers auto, homeowners, umbrella, yacht, fine art, and collections.
General Insurance products in North America and International markets are distributed through various channels, including captive and independent agents, brokers, affinity partners, airlines and travel agents, and retailers. The company’s global platform enables writing multinational and cross-border risks in both Commercial Lines and Personal Insurance.
Business Strategy
This segment’s strategies are to build on the company’s high-quality portfolio by focusing on targeted growth through continued underwriting discipline, improved retentions and new business development; continue to enhance portfolio optimization through strength of underwriting framework and guidelines, as well as clear communication of risk appetite and rate adequacy; and strategically partner with reinsurers to effectively manage exposure to losses arising from frequency of large catastrophic events and severity from individual risk losses.
Regulation
In the U.K., the Prudential Regulation Authority (PRA) is the lead prudential supervisor for the company’s U.K. insurance operations and the Financial Conduct Authority has oversight of AIG’s insurance operations for consumer protection and competition matters.
In the EU, various Directives and Regulations affect the company’s international insurance operations. The Luxembourg insurance regulator, the Commissariat aux Assurances, is the insurance regulator for AIG Europe SA, which serves the company’s European Economic Area (EEA) and Swiss policyholders.
AIG’s operating insurance subsidiaries in Bermuda are regulated by the Bermuda Monetary Authority (BMA). The Monetary Authority of Singapore (MAS) supervises AIG’s insurance subsidiary in Singapore. It has broad authority under the Insurance Act 1966 to regulate insurance business in Singapore, as well as insurers, insurance intermediaries and related institutions.
The Japan Financial Services Agency (JFSA) regulates AIG’s operating insurance subsidiaries and insurance holding company in Japan. The company meets the criteria set forth to identify an IAIG, and the NYDFS, as the company’s group-wide supervisor, has publicly disclosed the company as an IAIG on the IAIS’ register of IAIGs.
The company has sought to address the GDPR’s requirements by demonstrating accountability for compliance with the GDPR’s principles relating to processing of personal data, maintaining records of processing and completing mandatory Data Protection Impact Assessments in connection with higher risk data processing activities.
History
American International Group, Inc. was founded in 1919. The company was incorporated in 1967.