Cornelius Vander Starr founds American Asiatic Underwriters Dec 19 1919 in Shanghai with $300 capital + a desk; first Western insurer to write policies for Chinese clients. Starr is 27, a former WWI ambulance driver. Builds empire across Asia 1920s-1930s; forced to flee Shanghai 1949 after Communist takeover, relocates HQ to NYC.

Hank Greenberg succeeds Cornelius Vander Starr as CEO Jan 1968; reorganizes Starr's tangled holdings into American International Group Inc with NYC HQ. Greenberg's relentless international expansion + aggressive financial engineering make AIG the world's largest insurer by 2000 — $1T balance sheet, 130 countries.

AIG IPO Jul 1969 on NYSE; Greenberg uses public capital to fund aggressive global expansion. Adds aircraft leasing (ILFC) 1990, financial services (AIG FP) 1987, mortgage insurance (UGC) 1981 — these non-insurance bets eventually trigger 2008 collapse.

AIG founds AIG Financial Products (AIGFP) 1987 in London under Howard Sosin from Drexel Burnham; pioneers interest-rate swaps + credit derivatives. By 2007 AIGFP writes $500B CDS protection on subprime mortgage-backed CDOs — the very instruments that trigger AIG's 2008 collapse.

AIG acquires SunAmerica Jan 1998 for $18B all-stock — entry into US life insurance + retirement annuities; AIG passes $100B market cap. Greenberg's empire becomes the largest insurance company in the world by total assets ($550B by 2000).

9/11 attacks Sep 11 2001 trigger ~$40B insured losses globally — largest insurance event since Andrew. AIG, Munich Re, Berkshire (NICO/GenRe), Lloyd's, Swiss Re absorb largest shares. Birth of terrorism reinsurance + TRIA (Terrorism Risk Insurance Act) Nov 2002 federal backstop. Air/space exclusions become standard post-9/11.

AIG passes $1T total assets 2004 — Hank Greenberg's empire becomes largest insurance company in the world. AIG operates in 130+ countries; AIGFP $500B+ CDS book; ILFC aircraft leasing leader. Peak of Greenberg-era expansion before Spitzer/2008 unraveling.

Hank Greenberg ousted as AIG CEO Mar 2005 amid Eliot Spitzer probe into bid-rigging + finite reinsurance accounting (Gen Re sham transactions). Greenberg's 37-year reign ends abruptly; Martin Sullivan installed. Accounting restatement: $3.9B reduction in retained earnings. Foreshadows worse to come.

Bear Stearns collapse Mar 2008 + Lehman bankruptcy Sep 15 2008 — AIG counterparty exposure to mortgage-backed CDOs becomes systemic. Goldman, Deutsche, Société Générale + other big banks hold $500B+ CDS protection from AIG. Sep 16 2008 Fed Reserve bails out AIG to prevent CDS counterparty cascade.

AIG bailout Sep 16 2008 — Fed Reserve provides $85B emergency credit line as AIG Financial Products' $500B credit default swap book on subprime collateral threatens systemic collapse. Total bailout grows to $182B; US government takes 79.9% equity stake. AIG becomes synonymous with 2008 financial crisis excess.

AIG bonus controversy Mar 2009 — AIG pays $165M in retention bonuses to AIG Financial Products employees who created the CDS crisis; triggers public outrage + Congressional hearings + 90% tax on AIG bonuses (later rescinded). Treasury Secretary Geithner faces criticism for failing to block.

AIG repays final TARP funds Dec 2012 — Treasury sells last AIG stake at profit of ~$22.7B for taxpayers. Bailout fully unwound; AIG shrinks dramatically — sells AIA (Asia life) IPO 2010, ALICO to MetLife $16.2B 2010, Maiden Lane III unwound. By 2026 AIG is ~1/4 its 2007 size.

Carl Icahn launches activist campaign May 2015 against AIG CEO Peter Hancock — pushes for breakup into 3 separate companies (P&C, life, mortgage). Hancock resigns Mar 2017 after AIG misses earnings + reserves charges $5.6B for 2016. Brian Duperreault (Marsh, ACE, MarshMcLennan veteran) named CEO May 2017.

Brian Duperreault becomes AIG CEO May 2017 — turnaround veteran from Marsh/ACE/Marsh McLennan. Duperreault simplifies AIG: closes legacy reserves $5.6B Q4 2016, restructures into General Insurance + Life & Retirement segments. Stock recovers from $40 (2017) to $55 (2019).

Peter Zaffino becomes AIG CEO Mar 2021 succeeding Duperreault — Zaffino was COO 2020 + former CEO of AIG General Insurance. Executes 'AIG 200' transformation: simplification + capital actions. Spins off Corebridge Financial (life + retirement) Sep 2022 IPO at $21/share raising $1.7B; AIG retains majority then sells down.

AIG spins off Corebridge Financial (life + retirement) Sep 14 2022 IPO at $21/share raising $1.7B — one of largest IPOs of 2022 despite tough market. AIG retains 78% initially, sells down to 53% by 2024 then 32% by 2025. Completes AIG's transformation back to pure-play global commercial P&C.

AIG Q4 2024 (Feb 2025) — Peter Zaffino CEO delivers $1.79 EPS beat + announces $7.5B accelerated share buyback. AIG continues post-bailout simplification: Corebridge (life/retirement) spun off 2022 + sold-down to 30% stake; AIG now pure-play global commercial P&C. Stock $78+ (peak post-bailout).