AIG CEO Edward Liddy: Corporate profile

Marketplace Staff Oct 22, 2008

AIG Corporate Profile

In 1919, young businessman Cornelius Vander Starr founded Asia Life Insurance in Shanghai, one of the earliest incarnations of American International Group. Twenty years later, Starr moved the company’s headquarters to New York. In those two decades, the firm had established overseas offices in Japan, Germany and Latin America. Today, AIG companies are the largest underwriters of commercial and industrial insurance.

Maurice “Hank” Greenberg succeeded Starr as CEO in 1968. A year later, the company went public. Greenberg’s reign ended in 2005, when he was forced to step down from his post amid an investigation by New York State Attorney General Eliot Spitzer. Martin Sullivan was named new CEO.

In June, Sullivan resigned in the midst of the subprime crisis. Robert Willumstad took over. In September, the Federal Reserve agreed to give the company a $85 billion bridge loan in exchange for a 79.9 percent stake in the company. Willumstad was ousted. AIG’s board of directors tapped Edward Liddy as the new CEO.

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