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American International Group Inc. |
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"AIG shouldn't be all about Greenberg. The insurer's legendary 77-year-old CEO, is reluctant to name a successor, fostering the false notion that he's irreplaceable." - BusinessWeek, May 2, 2002. IntroductionWith revenues of $62.402 billion in 2001, the US-based American International Group Incorporation (AIG) was the world's leading insurance and financial services company. It was the largest underwriter1 of commercial and industrial insurance, and the second largest life insurer in the US.
Its financial services businesses included leasing of aircraft, financial products, trading and market making4 and consumer finance.
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1] Underwriting is the process of selecting policyholders for issuing insurance policies by recognizing and evaluating hazards, establishing prices of premium, and determining policy terms and conditions. It also includes determining the insurer's selection criteria and the markets for the insurer's products and is crucial to the success of any insurance company. |
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