107-559: American International Group, Inc. ( AIG ) is an American multinational finance and insurance corporation with operations in more than 80 countries and jurisdictions. As of 2023, AIG employed 25,200 people. The company operates through three core businesses: general insurance, life & retirement, and a standalone technology-enabled subsidiary. General Insurance includes Commercial, Personal Insurance, U.S. and International field operations. Life & Retirement includes Group Retirement, Individual Retirement, Life, and Institutional Markets. AIG
214-571: A Bermuda -based insurer, for $ 3.4 billion. Brian Duperreault was appointed CEO of AIG on May 15, 2017. Duperreault, who previously worked at AIG from 1973 until 1994, was hired as CEO from Hamilton Insurance Group following Hancock's announcement in March 2017 that he would step down as AIG CEO under pressure after a period of disappointing financial results. 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 as
321-416: 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. In August 2016, AIG sold off United Guaranty, its mortgage-guarantee unit, to Arch Capital Group ,
428-891: A wealth tax . Eli and Edythe Broad created the Broad Foundations, which include the Eli and Edythe Broad Foundation and the Broad Art Foundation. These organizations have assets of $ 2.5 billion. In the same year as its founding in 2010, the Broads signed onto the Giving Pledge , a commitment for wealthy individuals to give at least half of their wealth to charity. The Broads personally committed to giving 75% of their wealth away. As of October 2017,
535-492: A "cultural capital of the world". In August 2010, Eli Broad announced that he would build a contemporary art museum in Los Angeles. Diller Scofidio + Renfro were chosen through an architectural competition to design the approximately 120,000-square-foot museum, which includes exhibition space, offices, and a parking garage. In February 2015, a public preview of a special installation attracted some 3,500 visitors while
642-656: 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. After the spin-off, Corebridge Financial became an independent entity, raising $ 1.68 billion in the largest U.S. IPO of 2022. 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
749-402: A Senator responded to the planned payments by saying "[I]t's hard to understand how derivative traders at AIG warranted any bonuses, much less $ 165 million in extra pay. How do they justify this outrage to the taxpayers who are keeping the company afloat?" Both Democratic and Republican politicians reacted with similar outrage to the planned bonuses, as did political commentators and journalists in
856-460: A breakup of AIG, describing the company as "too big to succeed". 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. Later that year, Icahn won a seat on the board of directors and continued to pressure the company to split up its major divisions. AIG also began
963-419: A clerk in its London office in 1970. AIG then took on tens of billions of dollars of risk associated with mortgages. It insured tens of billions of dollars of derivatives against default, but did not purchase reinsurance to hedge that risk. Secondly, it used collateral on deposit to buy mortgage-backed securities. When losses hit the mortgage market in 2007–2008, AIG had to pay out insurance claims and also replace
1070-627: 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. On June 15, 2008, after disclosure of financial losses and subsequent to a falling stock price, Sullivan resigned and was replaced by Robert B. Willumstad , Chairman of the AIG Board of Directors since 2006. Willumstad was forced by the US government to step down and
1177-409: A minor in economics and graduating cum laude in 1954. Among the jobs Broad held in college were selling women's shoes, selling garbage disposals door-to-door, and working as a drill press operator at Packard Motor , where he was a member of United Auto Workers . The same year, 21-year-old Broad married 18-year-old Edythe "Edye" Lawson . Broad became the youngest Michigan resident to attain
SECTION 10
#17327731554401284-545: A minority stake to The Carlyle Group . 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." Duperreault and Zaffino set out a turnaround strategy for the General Insurance business in 2017 and began execution. In 2019, Duperreault stated that
1391-448: A new generation of first-time home buyers were flocking. By streamlining the construction process and eliminating basements, offering a carport instead, they could price the houses so the monthly mortgage would be less than the rent for a two-bedroom apartment. Kaufman and Broad named this model the "Award Winner" and priced it at $ 13,700. After one weekend, seventeen were sold and within two years, Kaufman and Broad had built 600 homes in
1498-784: 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. 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. 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
1605-437: 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. AIG then sold its American Life Insurance Co. (ALICO) to MetLife Inc. for $ 15.5 billion in cash and MetLife stock in March 2010. Bloomberg L.P. reported on March 29, 2010, that after almost three months of delays, AIG had completed
1712-541: A position occupied by Plácido Domingo until his resignation from the post in 2019. The Broads contributed $ 10 million in 2008 for a programming endowment for a music and performing arts center at Santa Monica College , the Eli and Edythe Broad Stage, and an adjacent black box performance space , the Edye. In total, the Broads have pledged roughly $ 1 billion to Los Angeles art institutions. Broad called Los Angeles
1819-555: A provider of leased aircraft to the airline industry. In 1992, AIG received the first foreign insurance license granted in over 40 years by the Chinese government. Within the U.S., AIG acquired SunAmerica Inc. a retirement savings company managed by Eli Broad , in 1999. The early 2000s saw a marked period of growth as AIG acquired American General Corporation, a leading domestic life insurance and annuities provider, and AIG entered new markets including India. In February 2000, AIG created
1926-636: A provider of life and retirement solutions and non-life insurance, outlining a strategy to focus on technology, " underwriting discipline," and diversification. 2017 through early 2019 saw AIG hire a number of new upper level executives. In 2017, Duperreault named Peter Zaffino as AIG COO , later also naming him CEO of AIG's General Insurance business. Zaffino succeeded Duperreault as president of AIG in January 2020, with Duperreault remaining AIG's CEO. The company announced plans in 2017 to reorganize its Commercial and Consumer segments into General Insurance and Life & Retirement, respectively. In September 2017,
2033-453: A result, AIG's credit rating was downgraded and it was required to post additional collateral with its trading counter-parties, leading to a liquidity crisis that began on September 16, 2008, and essentially bankrupted all of AIG. The New York United States Federal Reserve Bank (led by Timothy Geithner who would later become Treasury secretary) stepped in, announcing creation of a secured credit facility, initially of up to $ 85 billion to prevent
2140-526: A share buyback of as much as $ 1 billion. 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. 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
2247-588: A strategic advisory venture team with the Blackstone Group and Kissinger Associates "to provide financial advisory services to corporations seeking high level independent strategic advice". AIG was an investor in Blackstone from 1998 to March 2012, when it sold all of its shares in the company. Blackstone acted as an adviser for AIG during the 2007–2008 financial crisis . In March 2003 American General merged with Old Line Life Insurance Company. In
SECTION 20
#17327731554402354-409: A successful multiple line carrier. Greenberg focused on selling insurance through independent brokers rather than agents to eliminate agent salaries. Using brokers, AIU could price insurance according to its potential return even if it suffered decreased sales of certain products for great lengths of time with very little extra expense. In 1967, American International Group, Inc. (AIG) was incorporated as
2461-538: A unifying umbrella organization for most of C.V. Starr's general and life insurance businesses. In 1968, Starr named Greenberg his successor. The company went public in 1969. The 1970s presented many challenges for AIG as operations in the Middle East and Southeast Asia were curtailed or ceased altogether due to the changing political landscape. However, AIG continued to expand its markets by introducing specialized energy, transportation, and shipping products to serve
2568-514: A volatile credit and equity market. In January 2020, AIG announced it was ending its decade-long sponsorship of the All Blacks in 2021. On March 1, 2021, Peter Zaffino succeeded Brian Duperreault as AIG's CEO, with Duperreault becoming executive chairman of the board. Then, in January 2022, Zaffino also became chairman of the AIG board. As part of AIG's 2020 plan to form an independent company of its life and retirement insurance business with
2675-699: Is the title sponsor of the AIG Women's Open golf tournament. In 2023, for the sixth consecutive year, DiversityInc named AIG among the Top 50 Companies for Diversity list. AIG's corporate headquarters are in New York City and the company also has offices around the world. AIG serves 87% of the Fortune Global 500 and 83% of the Forbes 2000 . AIG was ranked 60th on the 2018 Fortune 500 list. According to
2782-664: Is unable to be on the Open rota because of political ramifications of former President of the United States Donald Trump . Unlike its male counterpart, the Women's Open has not adopted a links-only policy. This greatly increases the number of potential venues, especially the number close to the major population centres of England. Following the 2017 merger of the Ladies Golf Union with The R&A, both
2889-545: The Los Angeles Times obtained a secret 44-page proposal drafted by the Eli and Edythe Broad Foundation and other charter advocates that was designed to charterize 50% of Los Angeles public schools. The result was the creation of Great Public Schools Now, a nonprofit organization. Broad was the founding chairman of the Museum of Contemporary Art, Los Angeles in 1979 and chaired the board until 1984. He recruited
2996-554: The AIG bonus payments controversy . AIG began selling some assets to pay 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. 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
3103-694: The American International Group (AIG) for $ 17.8 billion after three weeks of secret negotiations. Broad continued as CEO of SunAmerica until 1999, when he left to focus on philanthropy full-time. In 2012, Broad's book, The Art of Being Unreasonable: Lessons in Unconventional Thinking , was published by Wiley and Sons and debuted as a New York Times , Wall Street Journal , USA Today , and Washington Post bestseller. In June 2019, The New York Times published an op-ed authored by Broad advocating for
3210-788: The Cedars-Sinai Medical Center in Los Angeles, California after a long illness, at age 87. Broad was a Fellow of the American Academy of Arts and Sciences and in 1994 was named Chevalier in the National Order of the Legion of Honor by the Republic of France . In 1998, he received the Golden Plate Award of the American Academy of Achievement . From 2004 to 2009, he served as a regent of
3317-554: The Eli Broad Graduate School of Management with $ 20 million for a full-time MBA program at his alma mater, Michigan State University (MSU). The Broads gave $ 5 million to endow the Eli and Edythe L. Broad Dean of Business Chair. In 2000, Broad gave $ 23.2 million for the Broad Art Center at UCLA , designed by Richard Meier . Eli and Edythe Broad donated $ 28 million to MSU for the construction of
American International Group - Misplaced Pages Continue
3424-760: The Eli and Edythe Broad Art Museum , designed by Pritzker Architecture Prize -winning architect Zaha Hadid . The museum opened in November 2012. In 2014, the Broad Foundation announced a $ 5 million gift to the Broad Art Museum at MSU to support exhibitions. That same year, the Broads also announced a $ 25 million grant to expand the Eli Broad College of Business, bringing the couples total giving to MSU to nearly $ 100 million. The Broad Foundation's first major investment in scientific and medical research
3531-604: The FRBNY to date had received a combined positive return of approximately $ 15.1 billion. 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. The U.S. Department of the Treasury in December 2012 published an itemized list of
3638-568: The Federal Reserve Bank of New York , to reduce its debt by $ 25 billion. AIG sold its Hartford Steam Boiler unit on March 31, 2009, to Munich Re for $ 742 million. On April 16, 2009, AIG announced plans to sell its 21st Century Insurance subsidiary to Farmers Insurance Group for $ 1.9 billion. In June 2009 AIG sold its majority ownership of reinsurer Transatlantic Re. The Wall Street Journal reported on September 7, 2009, that Pacific Century Group had agreed to pay $ 500 million for
3745-571: The Financial Stability Oversight Council determined that AIG was no longer considered a nonbank systemically important financial institution ( SIFI ). Duperreault commented in response that the development reflected "the progress made since 2008 to de-risk the company." AIG made a number of acquisitions in 2018. That July, AIG acquired Validus Holdings Ltd., a provider of reinsurance based in Bermuda . The company
3852-592: The Keck School of Medicine of USC , and the Eli and Edythe Broad Foundation, which donated $ 30 million in 2006. In 2007, the Broads also donated $ 20 million to the Eli and Edythe Broad Center of Regenerative Medicine and Stem Cell Research at the University of California, Los Angeles (UCLA). One year later, they gave a major gift to the University of California, San Francisco for the new headquarters of
3959-609: The President of the Colorado Senate John Morse and Senator Angela Giron , who were being recalled for their support of gun control measures, including a ban on magazines of 15 rounds or more. Broad served on the advisory committee for gun control group Everytown For Gun Safety when it launched in 2014. In 2018, he pledged $ 1 million to the group. Eli Broad was drawn into the art world by his wife Edythe's interest in collecting. Their first major purchase
4066-864: The Smithsonian Institution . He received the Carnegie Medal of Philanthropy in 2007 and the David Rockefeller Award from the Museum of Modern Art in March 2009. In October 2013, the Broads were awarded the William E. Simon Prize for Philanthropic Leadership by Philanthropy Roundtable . Broad served on the board of the Future Generation Art Prize. He was named one of Time magazine's 100 Most Influential People in 2016. In 2018, Broad and his wife were named Distinguished Philanthropists at
4173-593: The U.S. Securities and Exchange Commission and the Justice Department partly resolving a number of regulatory matters, and the company needed to continue to cooperate with investigators continuing to probe the sale of a non-traditional insurance product. In 2005, AIG became embroiled in a series of fraud investigations conducted by the Securities and Exchange Commission , U.S. Justice Department , and New York State Attorney General 's Office. Greenberg
4280-400: The du Maurier Classic , which lost its title sponsor because of sponsorship regulations. In 2005, the starting field size was increased to 150, but only the low 65 (plus ties) survive the cut after the second round. In both 2007 and 2008 the prize fund was £ 1.05 million. Starting in 2009 , the prize fund changed from being fixed in pounds to U.S. dollars . Tied for most victories in
4387-526: The mass sales of unhedged insurance. AIG repaid $ 205 billion (~$ 269 billion in 2023) to the United States government in 2012. AIG was founded December 19, 1919 when American Cornelius Vander Starr (1892–1968) established a general insurance agency, American Asiatic Underwriters (AAU), in Shanghai, China. Business grew rapidly, and two years later, Starr formed a life insurance operation. By
American International Group - Misplaced Pages Continue
4494-497: The $ 100 million founding gift to create the Broad Institute of MIT and Harvard, which aims to improve human health by using genomics to advance the understanding of the biology of human disease and lay the groundwork for a new generation of therapies. The following year, they gave another $ 100 million, and in 2009, they gave another $ 400 million to create an endowment and make the institute an independent nonprofit. In 2013,
4601-676: The $ 500 million sale of a portion of its asset management business, branded PineBridge Investments , to the Asia-based Pacific Century Group. Fortress Investment Group purchased 80% of the interest in financing company American General Finance in August 2010. 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. On November 1, 2010, AIG raised $ 36.71 billion from both
4708-562: The 2016 Forbes Global 2000 list, AIG is the 87th largest public company in the world. On December 31, 2017, AIG had $ 65.2 billion (~$ 79.7 billion in 2023) in shareholder equity. During the 2007–2008 financial crisis , the Federal Reserve bailed the company out for $ 180 billion and assumed controlling ownership stake, with the Financial Crisis Inquiry Commission correlating AIG's failure with
4815-734: The AIG board includes: AIG Women%27s Open The Women's Open (originally known as the Women's British Open , and still widely referred to by that name outside the UK) is a major championship in women's professional golf . It is recognised by both the LPGA Tour and the Ladies European Tour as a major. The reigning champion is Lydia Ko , who won at the 2024 tournament . Since becoming an LPGA major in 2001 it has generally been played in late July or early August. The 2012 edition
4922-728: The Broad Academy and the Broad Residency in Urban Education. The Broad Academy supports current and aspiring superintendents of urban public school districts, public charter school networks, and state departments of education as they work to grow their organizations' effectiveness and increase their impact. The Broad Residency in Urban Education is a two-year program that matches early- to mid-career professionals with management roles in urban public school systems while earning an accredited masters in education. In 2015,
5029-462: The Broad Center, a nonprofit focused on developing school system leaders. From 2002 to 2014, the Broad Foundation awarded an annual $ 1 million Broad Prize for Urban Education . The Broad Prize recognized the large urban school districts in America that have made the greatest improvement in student achievement while narrowing achievement gaps among low-income students and students of color. In 2012,
5136-435: The Broads announced an additional $ 100 million gift to the institute. The Broad Institute now connects more than 4,000 scientists with an annual budget of more than $ 400 million. The Eli and Edythe Broad Center for Regenerative Medicine and Stem Cell Research at the University of Southern California (USC) is the product of a public-private partnership between the voter-created California Institute of Regenerative Medicine ,
5243-401: The Broads had given more than $ 4 billion to support K-12 public schools, advance scientific and medical research, and bring contemporary art to as wide an audience as possible. In 2017, Broad announced his retirement from the Eli and Edythe Broad Foundation, passing responsibility to its president, Gerun Riley. Broad said he would remain as a trustee of the foundation, and continue to serve on
5350-563: The Broads pledged $ 5 million to Caltech to endow a professorial chair in honor of Caltech President Emeritus David Baltimore . Starting in 2009, the Broad Foundation funded research on firearm violence and loopholes in gun-safety laws at the Violence Prevention Research Program at the UC Davis School of Medicine and Medical Center. In August 2013, Broad donated $ 250,000 to oppose the recalls of
5457-559: The Detroit suburbs. In 1960, fearing that the Detroit economy was too dependent on the automotive business, they moved to Phoenix, Arizona . In 1961, Kaufman and Broad Home Corporation (now KB Home ) went public on the American Stock Exchange . In 1963, Broad moved the company to Los Angeles . Soon after, Kaufman retired and he and his wife Glorya Kaufman went on to become noted philanthropists. By 1969, KB Home
SECTION 50
#17327731554405564-662: The Eli and Edythe Broad Center of Regeneration Medicine and Stem Cell Research, which opened in February 2011. Eli Broad was also a life member of the California Institute of Technology (Caltech) Board of Trustees where he funded the Broad Center for the Biological Sciences. In 2009, the Broads gave $ 5 million to fund the Joint Center for Translational Medicine at Caltech and UCLA . In 2018,
5671-611: The Federal Reserve payment 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. 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 would have been left with 100 percent of nothing." Greenberg and
5778-568: The Financial Crisis Inquiry Commission issued one of many critical governmental reports, deciding that AIG failed and was rescued by the government primarily because its enormous sales of credit default swaps were made without putting up the initial collateral, setting aside capital reserves, or hedging its exposure, which one analyst considered a profound failure in corporate governance, particularly its risk management practices. Other analysts believed AIG's failure
5885-562: The Maiden Lane case "without prejudice" on May 28, 2013. On May 7, 2013, Los Angeles U.S. District Judge, Mariana Pfaelzer, ruled in a case between AIG and Bank of America concerning possible misrepresentations by Merrill Lynch and Countrywide as to the quality of the mortgage portfolio, that $ 7.3 billion of the disputed claims had not been assigned. The two parties settled in July 2014, with Bank of America paying out $ 650 million to AIG, who in turn dismissed their litigation. In July 2023,
5992-422: The U.S. Government appealed to the Court of Appeals for the Federal Circuit, which ruled that Greenberg had no legal right to challenge the bailout because that right belonged to AIG, which in this case, chose not to sue. AIG filed suit against the Federal Reserve Bank of New York in January 2013 in order to maintain the former's right to sue Bank of America and other issuers of bad mortgage debt. The specific issue
6099-447: The UK arm of AIG Life Ltd to British insurer Aviva for £460 million. In Australia and China, AIG is identified as a large financial institution and provider of financial services including credit security mechanisms. In the United States, AIG is the largest underwriter of commercial and industrial insurance. AIG offers property casualty insurance, life insurance, retirement products, mortgage insurance and other financial services. In
6206-521: The United Kingdom. In 1952, Starr began to focus on the American market by acquiring Globe & Rutgers Fire Insurance Company and its subsidiary, American Home Fire Assurance Company. By the end of the decade, C.V. Starr's general and life insurance organization included an extensive network of agents and offices in over 75 countries. In 1960, C.V. Starr hired Hank Greenberg to develop an international accident and health business. Two years later, Greenberg reorganized one of C.V. Starr's U.S. holdings into
6313-431: The Women's British Open with three each are Karrie Webb of Australia and Sherri Steinhauer of the United States . Both won the tournament twice before it became an LPGA major and once after. Yani Tseng of Taiwan and Jiyai Shin of South Korea are the only multiple winners of the championship as a major. The other multiple winner is Debbie Massey of the U.S., with consecutive wins (1980 and 1981) well before it
6420-399: The board of the Broad Museum. Broad said he was in good health and felt like it was time to "step back". The stated mission of the Eli and Edythe Broad Foundation's education work is to expand learning opportunities to students from underserved communities so they can reach their full potential. The foundation has made $ 650 million in grants since it launched in 1999. In 2001, Broad founded
6527-419: The books for Kaufman's small homebuilding and subcontracting business. Doing the accounting for Kaufman's small business led Broad to decide to enter homebuilding himself. In 1956, Broad and Kaufman decided to partner and build homes together. Borrowing $ 12,500 from his wife's parents, Broad put up half the capital in their first venture together, building two model homes in the Northeast Detroit suburbs where
SECTION 60
#17327731554406634-420: The camera and offered their thanks for the government assistance. Peter Hancock succeeded Benmosche as president and CEO of AIG in September 2014. While Benmosche stayed on in an advisory role, he died in February the following year. In June 2015, Taiwan 's Nan Shan Life Insurance acquired a stake in AIG's subsidiary in Taiwan for a fee of $ 158 million. Later that year, activist investor Carl Icahn called for
6741-429: The company's collapse, enabling AIG to deliver additional collateral to its credit default swap trading partners. The credit facility was secured by the stock in AIG-owned subsidiaries in the form of warrants for a 79.9% equity stake in the company and the right to suspend dividends to previously issued common and preferred stock. The AIG board accepted the terms of the Federal Reserve rescue package that same day, making it
6848-408: The contract was extended to 2025 and the championship was rebranded as the AIG Women's Open , with the largest major women's golf prize fund in 2021, totaling $ US5.8 million. The AIG Women's Open set a new benchmark in 2022 of $ 7.3 million for women's major championship golf prize payouts, increasing the tournament's purse 125% since 2018. In 2023, AIG announced it will continue as the title sponsor of
6955-418: The credentials of Certified Public Accountant (CPA), a record he held until 2010. Broad worked as an accountant for two years and taught night classes at the Detroit Institute of Technology as an assistant professor of accounting in 1956. Wanting to work on his own, he founded his own accounting firm and was offered office space by the husband of his wife's cousin, Donald Bruce Kaufman , in return for doing
7062-412: The decline in business from Asia due to the impending World War II. In 1939, Starr moved his headquarters from Shanghai, China, to New York City. After World War II, American International Underwriters (AIU) entered Japan and Germany, to provide insurance for American military personnel. Throughout the late 1940s and early 1950s, AIU continued to expand in Europe, with offices opening in France, Italy, and
7169-428: The early 2000s, AIG made significant investments in Russia as the country recovered from the 1998 Russian financial crisis . In July 2003, Maurice Greenberg met with Putin to discuss AIG's investments and improving U.S.-Russia economic ties, in anticipation of Putin's meeting with U.S. President George W. Bush later that year." In November 2004, AIG reached a $ 126 million (~$ 195 million in 2023) settlement with
7276-472: The event through 2030, along with another increase in the total purse to $ 9 million. Hank Greenberg, with lead lawyer David Boies, independently sued the U.S. Government for money damages in the United States Court of Federal Claims in 2011. The AIG board had announced on January 9 that the company would not join the lawsuit. After hearing thirty-seven days of testimony from Ben Bernanke, Timothy Geithner, Hank Paulson and others, Judge Thomas C. Wheeler ruled that
7383-448: The event was separated from the Stroke Play Championship , which returned to being an amateur-only event. Prize money of £10,000, and a first prize of £3,000, attracted a larger number of professionals. At first, it was difficult for the organisers to get the most prestigious courses to agree to host the event, with the exception of Royal Birkdale , which hosted it twice during its early days — in 1982 and 1986. After nearly folding in 1983,
7490-417: The event. An amateur, Jenny Lee Smith , won the event with Saunders the leading professional, tying for fourth place. Saunders won the event in 1977 on "countback", having tied with Mary Everard but having the better final round, 76 to Everard's 79. Janet Melville won in 1978, with Saunders again the leading professional and taking the first prize of £1,000. Just four professionals competed. From 1979
7597-595: The foundation launched the Broad Prize for Public Charter Schools, which awarded $ 250,000 to the top charter management organization in the country. Over the course of 17 years, prize money totaling nearly $ 18 million went to support college scholarships and college readiness programs. Both prizes were officially sunsetted in 2019. The Broad Center identifies, develops, and supports outstanding leaders who are inspired to work towards transforming public education into an engine of excellence and equity. The nonprofit includes two highly selective professional development programs,
7704-583: The founding director of the museum and negotiated the acquisition of the Panza Collection for the museum. In 2008, the Broad Foundation donated $ 30 million to the museum. The foundation's donation was contingent on the museum remaining independent and not merging with Los Angeles County Museum of Art . Broad was a life trustee of the Los Angeles County Museum of Art (LACMA). In 2003, the Broad Foundation gave $ 60 million to
7811-536: The goal of making their extensive contemporary art collection more accessible to the public. The Broads have two collections focusing on postwar and contemporary art—a personal collection with nearly 600 works and the Broad Art Foundation's collection, which has approximately 1,500 works. About 40% of their collection was bought via dealer Larry Gagosian . In the early 1990s, the Broads commissioned Frank O. Gehry to design their primary residence in Brentwood . It
7918-468: The independent new company, Private Client Select Insurance Services (PCS). That May, AIG agreed to sell subsidiary Crop Risk Services to American Financial Group for $ 240 million, 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. In March 2024, British regulators cleared the sale of
8025-447: The largest government bailout of a private company in U.S. history. In March 2009, AIG compounded public cynicism concerning the " too big to fail " firm's bailout by announcing that it would pay its executives over $ 165 million in executive bonuses. Total bonuses for the financial unit could reach $ 450 million, and bonuses for the entire company could reach $ 1.2 billion. Newly inaugurated President Barack Obama, who had voted for TARP as
8132-623: The late 1920s, AAU had branches throughout China and Southeast Asia, including the Philippines , Indonesia , and Malaysia . In 1926, Starr opened his first office in the United States, American International Underwriters Corporation (AIU). He also focused on opportunities in Latin America and, in the late 1930s, AIU entered Havana , Cuba. The steady growth of the Latin American agencies proved significant as it would offset
8239-518: 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. 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
8346-432: The losses in its collateral accounts. AIG purchased the remaining 39% that it did not own of online auto insurance specialist 21st Century Insurance in 2007 for $ 749 million. With the failure of the parent company and the continuing recession in late 2008, AIG rebranded its insurance unit to 21st Century Insurance. On June 11, 2008, three stockholders, collectively owning 4% of the outstanding stock of AIG, delivered
8453-426: The men's and women's Opens are operated by The R&A. Through 1993, the tournament was an official stop only on the Ladies European Tour , with the exception of the 1984 edition, which was co-sanctioned by the LPGA Tour . Starting in 1994 , it became a permanent LPGA Tour event, which increased both the quality of the field and the event's prestige. It has been an official LPGA major since 2001 , when it replaced
8560-561: The museum as part of its renovation campaign to create the Broad Contemporary Art Museum and for an art acquisition fund. The Broads donated $ 6 million to the Los Angeles Opera to bring Richard Wagner 's opera cycle Der Ring des Nibelungen to Los Angeles for the 2009–10 season. In June 2013, the Broads gave $ 7 million to continue funding the Eli and Edythe Broad general director at L.A. Opera,
8667-631: The museum was still under construction. The Broad was opened by the Broads on Sunday, September 20, 2015. To date, it has received more than 2.5 million visitors. In 2000, Broad founded the Grand Avenue Committee, which coordinated and oversaw further development of Grand Avenue in Los Angeles. He was involved in the fundraising campaign to build the Walt Disney Concert Hall , which opened in October 2003. Broad
8774-532: The needs of niche industries. During the 1980s, AIG continued expanding its market distribution and worldwide network by offering a wide range of specialized products, including pollution liability and political risk. In 1984, AIG listed its shares on the New York Stock Exchange (NYSE). Throughout the 1990s, AIG developed new sources of income through diverse investments, including the acquisition of International Lease Finance Corporation (ILFC),
8881-631: The new executive team had restructured the business, implemented new risk and underwriting guidelines, and "overhauled its reinsurance buying strategy." 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. Also during that month, AIG reported its second consecutive quarter of underwriting profits, and AIG's Life and Retirement business, led by CEO Kevin Hogan, delivered "solid growth" and returns despite
8988-452: The sale of ALICO and its IPO of AIA. Proceeds went to repay some of the aid it received from the government during the 2007–2008 financial crisis . AIG sold its Taiwanese life insurance company Nan Shan Life to a consortium of buyers for $ 2.16 billion in January 2011. 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
9095-840: The situation is even more serious. The company is much larger and complex than Lehman Brothers and its assets hitting the market all at once would likely cause worldwide chaos and send values plummeting. Experts question whether there are even enough qualified buyers out there to digest the company and its subsidiaries." AIG had sold credit protection through its London unit in the form of credit default swaps (CDSs) on collateralized debt obligations (CDOs) but by 2008, they had declined in value. AIG's Financial Products division , headed by Joseph Cassano in London, had entered into credit default swaps to insure $ 441 billion worth of securities originally rated AAA. Of those securities, $ 57.8 billion were structured debt securities backed by subprime loans. As
9202-475: The sponsorship agreement with AIG was extended through to 2025; as part of the deal the championship was rebranded by The R&A (which has organised the event since 2017) by removing the "British" qualifier, in line with The R&A's men's and senior men's championships, as the AIG Women's Open . The first Women's British Open was played in 1976 when the Ladies' British Open Amateur Stroke Play Championship
9309-472: 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. AIG was the shirt sponsor of the English football club Manchester United F.C. between 2006 and 2010. AIG
9416-622: The tournament took place at the Old Course at St Andrews for the first time. Since 2010, four additional Open Championship venues became first-time hosts for the women's event: Carnoustie ( 2011 ), Royal Liverpool (2012), Royal Troon ( 2020 , year where only women had The Open), and Muirfield ( 2022 ). The tournament has yet to be played at two Open Championship courses: Royal St. George's in southeastern England, and Royal Portrush in Northern Ireland. Currently, Turnberry
9523-478: The tournament was held at the best of the "second-tier" courses, including Woburn Golf and Country Club for seven straight years, 1990 through 1996, as well as in 1984 and 1999. As its prestige continued to increase, more of the links courses that are in the rotation for The Open Championship, such as Turnberry ( 2002 ) and Royal Lytham & St Annes (1998, 2003 , 2006 ) hosted the tournament, in addition to Royal Birkdale (2000, 2005 , 2010 ). In 2007 ,
9630-689: The transaction. 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. 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
9737-429: The years ended December 31, 2003, 2002, 2001 and 2000, the quarters ended March 31, June 30 and September 30, 2004, and 2003 and the quarter ended December 31, 2003. On November 9, 2005, the company was said to have delayed its third-quarter earnings report because it had to restate earlier financial results, to correct accounting errors. Martin J. Sullivan became CEO of the company in 2005. He began his career at AIG as
9844-470: Was also a Lloyd's of London syndicate, involved in insurance-linked securities, a specialist in US small commercial excess and surplus underwriting, and a provider of crop insurance . The deal "brought in fresh underwriting talent," particularly in property risk and catastrophe risk. Also in 2018 AIG acquired Ellipse, a UK life insurance business, from Munich Re . In 2018, AIG established Fortitude Re to hold most of its run-off portfolios and late in 2018 sold
9951-418: Was an American businessman and philanthropist. In June 2019, Forbes ranked him as the 233rd-wealthiest person in the world and the 78th-wealthiest in the United States, with an estimated net worth of $ 6.7 billion. He was known for his philanthropic commitment to transforming public K–12 education to a charter school model, scientific and medical research, and the visual and performing arts. Broad
10058-535: Was an LPGA co-sanctioned event. (a) denotes amateur The Women's Open has been played at the following courses, listed in order of number of times hosted (as of 2023): The Smyth Salver is awarded to the leading amateur, provided that the player completes all 72 holes, for one year. The winner also receives a silver medal. The salver was donated by Moira Smyth, a past president of the Ladies' Golf Union . Eli Broad Eli Broad ( / b r oʊ d / BROHD ; June 6, 1933 – April 30, 2021)
10165-666: Was born on June 6, 1933, in the Bronx , New York City, the son of Rebecca (Jacobson) and Leo Broad, Lithuanian Jewish immigrants who met in New York. His father worked as a house painter, and his mother as a dressmaker. His family moved to Detroit , Michigan , when he was six years old. In Detroit, his father was a union organizer and owned five-and-dime stores . Broad attended Detroit Public Schools and graduated from Detroit Central High School in 1951. Broad attended Michigan State University , majoring in accounting with
10272-453: Was built by the architecture firm Langdon Wilson based on Gehry's initial designs. In the late 1990s, Broad paid $ 5.65 million for two parcels in Malibu and commissioned Richard Meier to design a waterfront home of roughly 5,400 square feet (500 square metres), which was completed in 2002. Two months after Broad's death, the home sold for $ 51.65 million. Broad died on April 30, 2021, at
10379-483: Was extended to include professionals. The Amateur Stroke Play Championship had been organised by the Ladies' Golf Union since 1969. In early 1976 two professionals, Vivien Saunders and Gwen Brandom , and the LGU, agreed that the event would be opened up to professionals, with Saunders and Brandom providing £200 in prize money for the professionals. Eventually total prize money was £500, with five professionals competing in
10486-541: Was in the field of inflammatory bowel disease (IBD). Since then, the foundation has expanded its scope to focus on genomics and stem cell research . In 2001, the Broads created the Broad Medical Research Program to fund innovative research to advance the treatment of IBD. The program was merged with the Crohn's and Colitis Foundation of America in 2013. In 2003, Eli and Edythe Broad gave
10593-487: Was instrumental in securing the $ 50 million deposit from the project developer, Related Companies, that opened Grand Park in summer 2012. Broad's first civic board membership and significant investment in education was a $ 10 million commitment to Pitzer College in 1970. In 1973, he was named chairman of the board of the educational institution. In 1991, Broad endowed the Eli Broad College of Business and
10700-419: Was made in 1973, when he and Edye first acquired a Van Gogh drawing entitled Cabanes a Saintes-Maries , 1888. Art collector and MCA executive Taft Schreiber became their mentor. The Broads' early acquisitions included notable works by Miró , Picasso , and Matisse . Eventually, the pair began to concentrate on post–World War II art. Eli and Edythe Broad established the Broad Art Foundation in 1984 with
10807-442: Was ousted amid an accounting scandal in February 2005. The New York Attorney General's investigation led to a $ 1.6 billion fine for AIG and criminal charges for some of its executives. On May 1, 2005, investigations conducted by outside counsel at the request of AIG's Audit Committee and the consultation with AIG's independent auditors, PricewaterhouseCoopers LLP resulted in AIG's decision to restate its financial statements for
10914-415: Was possible because of the sweeping deregulation of over-the-counter (OTC) derivatives, including credit default swaps, which effectively eliminated federal and state regulation of these products, including capital and margin requirements that would have lessened the likelihood of AIG's failure. Illustrating the danger of an AIG bankruptcy, a September 17, 2008, CNN Money article stated, "But in AIG's case,
11021-546: Was replaced by Ed Liddy on September 17, 2008. AIG's board of directors named Bob Benmosche CEO on August 3, 2009, to replace Liddy, who earlier in the year announced his retirement. In late 2008, the federal government bailed out AIG for $ 180 billion, and technically assumed control, because many believed its failure would endanger the financial integrity of other major firms that were its trading partners-- Goldman Sachs , Morgan Stanley , Bank of America and Merrill Lynch , as well as dozens of European banks. In January 2011,
11128-636: Was scheduled for mid-September, due to the 2012 Summer Olympics in London , while the 2014 event was played in mid-July, the week prior to the Open Championship. In 2019 it was known as the AIG Women's British Open. From 2007 to 2018, it was called the Ricoh Women's British Open while the previous twenty editions (1987–2006) were sponsored by Weetabix , a breakfast cereal. In July 2020,
11235-505: 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 Sir Alex Ferguson 's third great United team, which won three Premier League titles, as well as the Champions League, in the space of four seasons. In 2019, AIG signed a five-year contract to be the title sponsor of Women's British Open, its first deal in golf. In 2020,
11342-569: Was the first homebuilder listed on the New York Stock Exchange . In 1974, Broad stepped down as CEO . In 1971, Broad acquired Sun Life Insurance Company of America, a family-owned insurance company founded in Baltimore in 1890, for $ 52 million. Broad transformed Sun Life into the retirement savings powerhouse SunAmerica . SunAmerica went public in 1989, with a remaining share of 42% for Broad. In 1998, he sold SunAmerica to
11449-456: Was whether the Federal Reserve Bank of New York transferred $ 18 billion in litigation claims on troubled mortgage debt through Maiden Lane Transactions, entities created by the Fed in 2008. This transaction, AIG argued, prevented them from recouping losses from insured banks. Owing to events which allowed AIG to proceed in another related case, AIG Inc. v. Bank of America Corporation LLC , AIG withdrew
#439560