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Twenty AIG subsidiaries are licensed to do business in Pennsylvania, including National Union Fire Insurance Co. in Pittsburgh, believed to be the second largest AIG underwriter in the nation. Other subsidiaries include New Hampshire Insurance, Insurance Company of the State of Pennsylvania, Granite State Insurance and New Hampshire Indemnity. [11]
The Treasury said that it and the Federal Reserve Bank of New York provided a total $182.3 billion to AIG, which paid back a total $205 billion, for a total positive return, or profit, to the government of $22.7 billion. In addition, AIG sold off a number of its own assets to raise money to pay back the government.
[2] [3] [4] Win Neuger who joined AIG in 1995 to lead and grow the division, was the CEO of AIG Investments as well CIO of AIG. [ 5 ] [ 6 ] [ 7 ] In 2004, AIG Investments set up a joint venture with Huatai Securities forming AIG-Huatai Fund Management (now known as Huatai-PineBridge Fund Management).
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In 2020, AIG announced plans to perform the spin-off with a 2022 IPO. In July 2021, the company announced that Blackstone Group would acquire 9.9% of the new unit for $2.2 billion cash. Blackstone and AIG also entered a long-term asset management agreement for about one quarter of AIG's life and retirement portfolio, set to increase in ...
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Benmosche's management has been credited with leading the company back to profitability, the full repayment to the Federal Reserve Bank of New York, reducing the Treasury Department's stake in AIG to below 20% and the repayment of the 2008 $85 billion federal loan.