Case 24: AIG (2005)

• Prof. Dr. Klaus Henselmann
• Dr. Stefan Hofmann

In his 38 years as CEO of American International Group, Inc. (AIG), Maurice “Hank” Greenberg was credited with vastly expanding the company, turning it into one of the world’s largest and most revered insurance firms. For decades, Greenberg was one of the most senior players in the insurance field. AIG had a long-time reputation for solid growth and reliable results despite being in an industry that was inherently volatile. Investors marvelled at what appeared to be AIG’s uncanny ability to underwrite complicated and unusual risks without ever misjudging them. Greenberg often said that AIG had never experienced an underwriting loss (which occurs when an insurer underestimates its risk exposure and fails to collect enough premiums). As a huge multinational company, with a history of being extremely well run, AIG had one of the most precious prizes in all of business: an AAA rating, held by no more than a dozen companies in the United States.

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