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off its government loans in september 2008 despite a global decline in the valuation of insurance businesses and the weakening financial condition of potential bidders 72 in december 2009 aig formed international life insurance subsidiaries american international assurance company limited aia and american life insurance company alico which were transferred to the federal reserve bank of new york to reduce its debt by 25 billion 73 aig sold its hartford steam boiler unit on march 31 2009 to munich re for 742 million 74 75 on april 16 2009 aig announced plans to sell its 21st century insurance subsidiary to farmers insurance group for 1 9 billion 76 in june 2009 aig sold its majority ownership of reinsurer transatlantic re 77 the wall street journal reported on september 7 2009 that pacific century group had agreed to pay 500 million for a part of aig s asset management business and that they also expected to pay an additional 200 million to aig in carried interest and other payments linked to future performance of the business 78 aig then sold its american life insurance co alico to metlife inc for 15 5 billion in cash and metlife stock in march 2010 79 bloomberg l p reported on march 29 2010 that after almost three months of delays aig had completed the 500 million sale of a portion of its asset management business branded pinebridge investments to the asia based pacific century group 80 fortress investment group purchased 80 of the interest in financing company american general finance in august 2010 81 in september 2010 aig sold aig starr and aig edison two of its japan based companies to prudential financial for 4 2 billion in cash and 600 million in assumption of third party aig debt by prudential 82 on november 1 2010 aig raised 36 71 billion from both the sale of alico and its ipo of aia proceeds went to repay some of the aid it received from the government during the 2008 financial crisis 83 aig sold its taiwanese life insurance company nan shan life to a consortium of buyers for 2 16 billion in january 2011 84 due to the q3 2011 net loss widening on november 3 2011 aig shares plunged 49 percent year to date the insurer s board approved a share buyback of as much as 1 billion 85 nine years after the initial bailout in 2017 the u s financial stability oversight council removed aig from its list of too big to fail institutions 86 2012 2016 modern era edit the united states department of the treasury announced an offering of 188 5 million shares of aig for a total of 5 8 billion on may 7 2012 the sale reduced treasury s stake in aig to 61 percent from 70 percent before the transaction 87 four months later on september 6 2012 aig sold 2 billion of its investment in aia to repay government loans the board also approved a 5 billion stock repurchase of government owned shares in aia 88 the next week on september 14 2012 the department of treasury completed its fifth sale of aig common stock with proceeds of approximately 20 7 billion reducing the treasury s ownership stake in aig to approximately 15 9 percent from 53 percent government commitments were fully recovered and treasury and the frbny to date had received a combined positive return of approximately 15 1 billion 89 on october 12 2012 aig announced a five and a half year agreement to sponsor six new zealand based rugby teams including the world champion all blacks the aig logo and the adidas logo the league s primary sponsor were displayed on the league s team jerseys 90 the u s department of the treasury in december 2012 published an itemized list of the loans stock purchases special purpose vehicles spvs and other investments engaged in with aig the amount aig paid back and the positive return on the loans and investments to the government 91 the treasury said that it and the federal reserve bank of new york provided a total 182 3 billion to aig which paid back a total 205 billion for a total positive return or profit to the government of 22 7 billion in addition aig sold off a number of its own assets to raise money to pay back the government on december 14 2012 the treasury department sold the last of its aig stock in its sixth stock sale for a total of approximately 7 6 billion in total the treasury department realized a gain of more than 22 billion from the sale of aig common stock and 0 9 billion from the sale of aig preferred stock 17 the same month robert benmosche announced that he would be stepping down from his position as president and ceo due to his advancing lung cancer 92 93 aig began an advertising campaign on january 1 2013 called thank you america in which several company employees including aig president and ceo robert benmosche talked directly to the camera and offered their thanks for the government assistance 94 peter hancock succeeded benmosche as president and ceo of aig in september 2014 95 while benmosche stayed on in an advisory role 95 he died in february the following year 96 in june 2015 taiwan s nan shan life insurance acquired a stake in aig s subsidiary in taiwan for a fee of 158 million 97 later that year activist investor carl icahn called for a breakup of aig describing the company as too big to succeed 98 aig announced plans for an initial public offering of 19 9 percent of united guaranty corp a greensboro north carolina based provider of mortgage insurance for lenders in january 2016 99 later that year icahn won a seat on the board of directors and continued to pressure the company to split up its major divisions 100 aig also began a joint venture with hamilton insurance group and two sigma investments to serve the insurance needs of small to medium sized enterprises industry veteran brian duperreault became the chairman of the new entity and richard friesenhahn the executive vice president of u s casualty lines at aig became ceo 101 in august 2016 aig sold off united guaranty its mortgage guarantee unit to arch capital group a bermuda based insurer for 3 4 billion 102 2017 edit brian duperreault was appointed ceo of aig on may 15 2017 103 duperreault who previously worked at aig from 1973 until 1994 104 was hired as ceo from hamilton insurance group 105 following hancock s announcement in march 2017 that he would step down as aig ceo under pressure after a period of disappointing financial results 106 due to previous calls in 2015 and 2016 to shrink or break up aig duperreault announced his intention to grow aig and maintain its multiline structure 104 as a provider of life and retirement solutions and non life insurance 107 outlining a strategy to focus on technology underwriting discipline and diversification 108 2017 109 through early 2019 110 saw aig hire a number of new upper level executives 109 111 in 2017 duperreault named peter zaffino 109 as aig coo 112 later also naming him ceo of aig s general insurance business 113 zaffino succeeded duperreault as president of aig in january 2020 with duperreault remaining aig s ceo 114 the company announced plans in 2017 to reorganize its commercial and consumer segments into general insurance and life retirement respectively 115 109 in september 2017 the financial stability oversight council 116 determined that aig was no longer considered a nonbank systemically important financial institution sifi 111 duperreault commented in response that the development reflected the progress made since 2008 to de risk the company 107 2018 2023 edit aig made a number of acquisitions in 2018 117 118 that july aig acquired validus holdings ltd a provider of reinsurance based in bermuda the company was also a lloyd s of london syndicate involved in insurance linked securities 119 a specialist in us small commercial excess and surplus underwriting and a provider of crop insurance 120 121 the deal brought in fresh underwriting talent particularly in property risk and catastrophe risk 119 also in 2018 aig acquired ellipse a uk life insurance business 122 from munich re 111 in 2018 aig established fortitude re to hold most of its run off portfolios and late in 2018 sold a minority stake to the carlyle group 123 in november 2019 a carlyle managed fund and t d holdings acquired a majority interest in fortitude re leaving aig with a 3 5 stake subject to required regulatory approvals and other customary closing conditions 124 duperreault and zaffino set out a turnaround strategy for the general insurance business in 2017 and began execution in 2019 114 duperreault stated that the new executive team had restructured the business implemented new risk and underwriting guidelines and overhauled its reinsurance buying strategy 125 in 2019 duperreault and zaffino announced aig 200 a multi year program to improve operations by shedding legacy processes and excess manual interventions modernizing and digitizing workflows and unifying operations 126 also during that month aig reported its second consecutive quarter of underwriting profits 127 and aig s life and retirement business led by ceo kevin hogan delivered solid growth and returns despite a volatile credit and equity market 128 in january 2020 aig announced it was ending its decade long sponsorship of the all blacks in 2021 129 on march 1 2021 peter zaffino succeeded brian duperreault as aig s ceo with duperreault becoming executive chairman of the board 130 then in january 2022 zaffino also became chairman of the aig board 131 as part of aig s 2020 plan to spin off its life and retirement insurance business with a 2022 ipo the company announced in july 2021 that blackstone group would acquire 9 9 of the new unit for 2 2 billion cash blackstone and aig also entered a long term asset management agreement for about one quarter of aig s life and retirement portfolio set to increase in subsequent years 132 after the spin off corebridge financial became an independent entity raising 1 68 billion in the largest u s ipo of 2022 133 134 in february 2023 aig and stone point capital entered into an agreement to establish an independent managing general agency and relocate aig s current private client group to the independent new company private client select insurance services pcs 135 136 that may aig agreed to sell subsidiary crop risk services to american financial group for 240 million 137 as well as validus re including alphacat and the talbot treaty reinsurance business to renaissancere for 2 985 billion in cash and renaissancere common shares 138 2024 present edit in march 2024 british regulators cleared the sale of the uk arm of aig life ltd to british insurer aviva for 460 million 139 in january 2026 aig announced that eric andersen would succeed peter zaffino as ceo andersen joined the company as president and ceo elect in february 2026 and the transition was completed on 1 june 2026 andersen also joined aig s board of directors and zaffino transitioned to the role of executive chair 140 141 business edit in australia and china aig is identified as a large financial institution and provider of financial services including credit security mechanisms 142 143 in the united states aig is the largest underwriter of commercial and industrial insurance 144 aig offers property casualty insurance life insurance retirement products mortgage insurance and other financial services 145 in the third quarter of 2012 the global property and casualty insurance business chartis was renamed aig property casualty sunamerica life insurance and retirement services division was renamed aig life and retirement other existing brands continue to be used in certain geographies and market segments 145 146 sponsorships edit aig was the shirt sponsor of the english football club manchester united f c between 2006 and 2010 aig was the first american shirt sponsor of the club and aig shirts were worn for one of the most concentrated periods of success in the club s history coinciding with alex ferguson s manchester united team winning three premier league titles as well as the champions league in the space of four seasons 147 in 2019 aig signed a five year contract to be the title sponsor of women s british open its first deal in golf 148 in 2020 the contract was extended to 2025 and the championship was rebranded as the aig women s open 149 with the largest major women s golf prize fund in 2021 totaling us5 8 million 150 the aig women s open set a new benchmark in 2022 of 7 3 million for women s major championship golf prize payouts 151 152 increasing the tournament s purse 125 since 2018 153 in 2023 aig announced it will continue as the title sponsor of the event through 2030 along with another increase in the total purse to 9 million 154 subsidiaries edit main article holdings of american international group aig europe s a 155 american general life insurance company 155 american home assurance company 155 lexington insurance company 155 national union fire insurance company of pittsburgh pa 155 the united states life insurance company in the city of new york 5 143 155 the variable annuity life insurance company valic 155 american international group uk ltd 155 aig general insurance co ltd 155 validus reinsurance ltd 155 aig bailout litigation edit starr international co v u s federal circuit court of appeals maurice hank greenberg with lead lawyer david boies independently sued the u s government for us 40 billion in the united states court of federal claims in 2011 156 157 in starr v united states the plaintiffs argued that the government denied aig access to discounted federal loans that would have enabled the company to pay off creditors instead aig was forced to pay a high interest rate and hand the government an 80 percent equity stake in the company 158 the aig board had announced on january 9 that the company would not join the lawsuit 159 the trial judge was thomas c wheeler 160 in his opening david boies called the united states demand for a 79 9 equity stake a grab at an extortion rate 161 162 in response government lawyer kenneth dintzer sought to paint greenberg and the a i g shareholders as ingrates with a sense of entitlement that knows no bounds 163 the trial lasted thirty seven days and included testimony from former chairman of the federal reserve ben bernanke and former secretaries of the treasury timothy geithner henry paulson 164 165 banker jimmy lee testified that aig had no hope of obtaining private financing 166 167 former secretary paulson testified that the terms of the bailout were meant to be punitive 168 john j studzinski testified that he advised the aig board when it decided to accept the bailout 167 after closing arguments by boies and dintzer 169 170 judge thomas c wheeler ruled that the terms of the federal reserve loan to aig had been an illegal exaction as the federal reserve act did not authorize the new york fed to nationalize a corporation by owning its stock 171 172 judge wheeler did not award compensation to the plaintiffs ruling that they did not suffer economic damage because if the government had done nothing the shareholders wo...