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  • Dec 22, 2014
  • Updated: 4:34pm

AIG

American International Group dates back to 1919, when American Asiatic Underwriters was founded in Shanghai, expanding through the region, and opening a US office in 1926 and shifting its head office to New York in 1939. It received a US$85 billion bailout in 2008. It subsequently sold assets to raise cash, including its Hong Kong arm, AIA Group, which subsequently raised more than US$20 billion in an IPO.

AIG picks Hong Kong-raised Hancock as chief executive

AIG names Peter Hancock as new chief executive.

Hong Kong-raised Peter Hancock has been promoted to chief executive of American International Group as the firm focuses on growth after his predecessor stabilised the insurer and paid back a 2008 government bailout.

Saturday, 14 June, 2014, 6:12am

AIG investors cheer first capital return since bailout

AIG was almost wiped out by derivative bets in the crash five years ago, and had to be bailed out by the US government. Photo: AP

American International Group announced its first capital return since its 2008 bailout, through a dividend and share buyback, sending its shares up 6 per cent after the bell.

2 Aug 2013 - 11:36am

US risk council designates AIG, GE Capital for tougher oversight

Insurance giant AIG, along with the finance arm of US conglomerate GE, have been declared systemically risky by the US financial risk council. Photo: AP

The US financial risk council on Tuesday said it has designated American International Group and GE Capital as systemically risky, bringing them under stricter regulatory oversight.

The Financial Stability Oversight Council’s decision to name its first set of “systemically important” non-bank firms had been long expected by the financial services industry.

10 Jul 2013 - 10:31am

Former AIG boss Hank Greenberg loses bid to dismiss NY case

Maurice Greenberg was ousted from American International Group in 2005 after nearly four decades at the helm. Photo: AP

Former American International Group chief executive Maurice “Hank” Greenberg failed to persuade New York state’s highest court to dismiss a lawsuit seeking to hold him accountable for sham transactions at the insurer.

The decision by the state’s Court of Appeals is a victory for New York Attorney General Eric Schneiderman, who has been pursuing a case first brought in 2005.

26 Jun 2013 - 12:19pm

AIG's US$4.2b sale of plane-leaser ILFC to Chinese investors in doubt

Robert Benmosche, chief executive officer of American International Group Inc. (AIG). Photo: Bloomberg

AIG said last week that it had not received a deposit required in an agreement to sell International Lease Finance Corp to acquirers led by New China Trust's chairman, Weng Xianding. That would allow AIG to cancel the accord, reached in December last year, to sell 80 per cent of ILFC for about US$4.2 billion.

6 Jun 2013 - 4:53am

China's aircraft leasing buy from AIG unravels

The rescue of AIG cost the US government US$182 billion. Photo: Reuters

AIG is likely to cancel the planned sale of its ILFC aircraft leasing unit to a Chinese buyer group, after the group missed a deposit payment deadline

4 Jun 2013 - 11:01am

AIG bailout that angered Bernanke winds down with Treasury sale

AIG's rescue angered Federal Reserve chairman Ben Bernanke. Photo: AP

American International Group’s rescue is coming to an end more than four years after the US took over the company to save the global economy in a bailout that fuelled resentment against Wall Street.

11 Dec 2012 - 3:12pm

Chinese investors buy 80pc of AIG plane unit for US$4.2b

A Qantas A380 takes off from Sydney airport. AIG has moved a step closer to refocusing on its core insurance business with a deal selling up to 90 per cent of its ILFC aircraft leasing business to a Chinese consortium. Photo: Bloomberg

A Chinese group agreed to buy 80.1 per cent of American International Group’s plane-leasing unit for US$4.23 billion in the nation’s largest acquisition of a US company.

10 Dec 2012 - 5:56pm

The very curious case of the disappearing reinsurance deal

The very curious case of the disappearing reinsurance deal

How can a continuing business worth billions of dollars a year disappear from the public record of a listed company overnight?

1 Dec 2012 - 3:06am

There is little comfort from the line-up of main investors

A highly regulated environment

The initial public offering of the mainland's largest general insurer, People's Insurance Company (Group) of China (PICC), raises lots of doubts.

The firm is trying to answer them with a US$500 million investment by American International Group. Yet, can it?

24 Nov 2012 - 3:59am

ING Group sells Hong Kong, Macau, Thai insurance units to Richard Li

Pacific Century Group boss Richard Li said the US$2.14 billion purchase of ING’s Hong Kong, Macau and Thailand insurance businesses was in line with the group’s long-term strategy. Photo: AFP

ING Group said it has agreed to sell its Hong Kong, Macau and Thailand insurance businesses to Richard Li Tzar-kai’s Pacific Century Group (PCG) for HK$16.59 billion.

19 Oct 2012 - 6:08pm

Richard Li close to a deal on ING's insurance units

ING's Malaysian unit, above, has been sold while Richard Li will likely pick up two others.

ING Group, under European Union orders to divest assets, is near an agreement to sell its Hong Kong and Thailand insurance businesses to Richard Li Tzar-kai, three people familiar with the matter said.

19 Oct 2012 - 3:33am