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National Union Fire Insurance Company of Pittsburgh, Pa history
National Union Fire Insurance Company of Pittsburgh, Pa company history timeline
In 1926 Starr opened a New York office under the name American International Underwriters to serve as an insurance writer on United States-owned risks outside of North America.
AIU established a foundation for Latin American business in 1932 when George Moszkowski, who ran the company's New York office, negotiated the purchase of the Central American and Caribbean portfolios of a United States insurer withdrawing from foreign operations.
With much of the world on the brink of war, in 1939 Starr moved his headquarters to New York, temporarily closing the Shanghai office.
Started as a partnership, INTASCO, which until this time had maintained a relatively small life insurance business, was reorganized in 1948 when Starr took control of the business.
In 1960 he joined American International and was assigned the task of developing an overseas accident and health business.
In an effort to stabilize earnings, AIRCO sold American Home's agency business to another insurer in 1962.
Greenberg was elected president and CEO of AIG in 1967.
In 1969, after going public, AIG acquired majority interests in National Union, New Hampshire, and American Home, paying for its increased stake in the three companies with AIG stock.
AIG absorbed its parent company, AIRCO, in 1978, completing a nine-year consolidation plan to simplify the corporate structure.
In 1979 AIG reported over $250 million in net income.
Some of AIG's specialty companies, such as AIG Oil Rig, AIG Energy, AIG Entertainment, and AIG Political Risk, which were created during the preceding 15 years, were consolidated in 1984 under the name AIG Specialty Agencies, Inc.
AIG broadened its trading markets in 1987 when it became the first foreign insurance organization on the Tokyo Stock Exchange.
Early in 1989 Greenberg proposed the creation of a hazardous-waste-cleanup tax funded through a 2 percent premium fee assessed on all commercial and casualty and property policies, with insurers matching that amount.
In 1989 AIGlobal was formed to provide a single source of comprehensive property and casualty, life, and group insurance, and facilitate corporate financial services for multinational companies.
During 1990 Transatlantic Holdings, Inc., a holding company formed to hold Transatlantic Reinsurance Company and another reinsurer, Putnam Reinsurance Company, went public in a secondary offering.
During 1994 AIG also branched out into additional insurance lines within the United States market.
A new and louder round of speculation arose in mid-1995 when Jeffrey Greenberg, who had been widely rumored to be the latest heir apparent, abruptly resigned from the firm.
Also in 1998 AIG gained majority control of 20th Century Industries and also took control of the company board as its influence at the company increased.
The first major move toward this end came at the beginning of 1999 when SunAmerica Inc. was acquired for $18.3 billion.
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