By Maurice R. Greenberg, Lawrence A. Cunningham
The AIG Story first chronicles the origins of the corporate and its relentless pioneering of open markets all around the global from 1970 to 2005. It then explores how the corporate faltered after it followed a one-size-fits-all company governance constitution that became the corporate the other way up and placed it on the middle of the 2008 monetary difficulty the place the specialists seized upon it as either scapegoat and technique to the challenge. Produced in accordance with a mixture of co-author Hank Greenberg's own involvement and the craftsmanship and aim writing of Professor Lawrence Cunningham, this book:
- Corrects common misconceptions approximately AIG that arose because of its position on the middle of the monetary situation of 2008.
- Portrays one of the long-lasting companies of the 20th century which built shut relationships with a few of the most vital global leaders of the interval and helped to open markets everywhere.
- Opens new critical viewpoint on battles with N. Y. legal professional common Eliot Spitzer and the 2008 U.S. executive seizure of AIG amid the monetary crisis.
- Shares personal information publicly for the 1st time.
The AIG tale captures a powerful saga in company history--one of innovation, imaginative and prescient and management at a firm that was once nearly destroyed with a couple of strokes of governmental pens. The AIG Story carries important classes and implications for the united states, particularly its function in foreign affairs, its method of company, its criminal method and its dealing with of monetary crises.
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Additional resources for The AIG Story
He requested Stempel and the lively Ken Nottingham, an MOP, to make it ensue. They reorganized ALICO alongside AIG’s revenue middle version. They decentralized its operations by means of growing nearby vice presidents, common managers, and department workplaces in several nations. They elevated cross-selling of goods, between them a proposal so as to add a private twist of fate and healthiness coverage to each lifestyles insurance. ALICO’s consumers chanced on this beautiful, and it drove colossal underwriting gains. The reorganization succeeded: the enterprise grew greater than eightfold inside a decade, and ALICO turned one of many greatest overseas existence insurance firms on the planet, working in 60 nations via 70,000 brokers. ALICO operated in a dozen Latin American international locations, the place the corporate had planted roots within the Fifties, whilst the quarter was once an financial dynamo in comparison to Asian and ecu economies decimated by way of struggle. Following a version comparable to that of AIA, ALICO distinctive much less built markets, dispatched skilled managers to create an area corporation, adhered to neighborhood customs, recruited proficient locals, and allow them to construct the company, with earnings reinvested within the neighborhood economic climate. 20 Its items began basic, simply entire lifestyles. because the economic system and industry matured, the product line grew to become extra advanced, including annuities and, finally, retirement and pension courses. even though, the surroundings in so much of Latin the United States was once by no means ripe for AIG to set up a number one existence assurance company there because it essentially had in Asia. ALICO’s efforts in Europe confronted diverse demanding situations, as AIG lacked the first-mover merits bobbing up from introducing shoppers to the price of lifestyles assurance. It confronted refined pageant utilizing strong entrenched distribution structures. Germany, for instance, boasts huge, robust depended on lifestyles insurance firms tied to significant banks. nonetheless, ALICO innovated in Europe, penetrating markets with inventive distribution innovations: direct advertising in Germany, area of expertise items in France, and cobranding bargains within the uk. It additionally came upon its commonplace first-mover benefits in southern Europe, in Portugal, Italy, Greece, and Spain (long earlier than others dubbed these 4 nations the “PIGS”) and, after the chilly warfare, in japanese Europe, specially Hungary, Poland, and Romania. Innovation intended tailoring items to satisfy neighborhood wishes and tastes. within the heart East, ALICO’s brokers focused on uncomplicated complete existence assurance in small workplaces in the course of the sector: Jordan, Kuwait, Lebanon, Saudi Arabia, Syria, and Turkey. In Japan, ALICO pursued complicated monetary items equivalent to annuities and pensions advertised utilizing junk mail, in retail shops, by means of bank card, and over the telephone. In 2000, AIG received Chiyoda Mutual lifestyles coverage, and in 2003 GE Edison existence Insurance—heavily negotiated bargains among Greenberg and GE’s CEO, Jeffrey Immelt, that made AIG a most sensible 10 jap existence assurance corporation. AIG was once additionally a pioneer in constructing company in Africa. It outfitted wealthy operations in lots of elements of that continent in such nations as Kenya, Nigeria, and South Africa.