What does AIG mean in UNCLASSIFIED

AIG Full Form

• A: American
• I: International
• G: Group

History of AIG

AIG was founded in 1919 by Cornelius Vander Starr. The company initially focused on providing insurance to American businesses operating abroad. Over the years, AIG has expanded its operations to become a global insurance and financial services conglomerate.

AIG Products and Services

AIG offers a broad range of insurance products and services, including:

• Property and Casualty Insurance: This includes insurance for homes, businesses, vehicles, and other property.
• Life Insurance: AIG offers a variety of life insurance products, including term life, whole life, and variable life insurance.
• Financial Services: AIG provides financial services such as asset management, retirement planning, and brokerage services.

AIG's Role in the Financial Crisis

AIG played a significant role in the 2008 financial crisis. The company had sold billions of dollars in credit default swaps (CDSs) on subprime mortgages. When the housing market crashed, these CDSs defaulted, causing AIG to suffer billions of dollars in losses. The U.S. government bailed out AIG in September 2008 to prevent a collapse of the financial system.

Restructuring and Recovery

After the financial crisis, AIG underwent a major restructuring. The company sold off non-core assets, laid off employees, and raised capital. AIG has since returned to profitability and is now one of the largest insurance and financial services companies in the world.