AIG, the third of the three biggest competitors, dates its roots back to 1919, when Cornelius Vander Starr formed the American Asiatic Underwriters insurance company in Shanghai. Soon, he spread his activities to USA and after successful survival of the Second World War, his business continued to grow.After a wave of acquisitions in the sixties, in 1967 AIG was formed to become the holding company for the portfolio of a number of various companies. In 1991, AIG completed a $23 billion purchase of American General Corporation - in one of the largest insurance takeovers ever. The company survived the $820 million loss due to September 11 and remains among the world insurance leaders.
AIG is active in more than 130 countries and has 107,000 employees. AIG's common stock is listed on the New York Stock Exchange, as well as the stock exchanges in Tokyo and Ireland, and it is one of the components of the Dow Jones Industrial Average. It has around 25 principal subsidiaries and among a great variety of insurance policies it also offers financial services like mutual funds, retirement services, banking and loans. It owns the world's largest aircraft leasing company, ILFC. Recently, AIG suffered from the mortgage crisis in the USA, this resulted in a CEO change in June 2008. The new Chief Executive Officer is Robert B. Willumstad.
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