The AIG Story by Lawrence A. Cunningham, Maurice R. Greenberg

By Lawrence A. Cunningham, Maurice R. Greenberg

Selected as one in every of Motley Fool’s "5 nice Books you need to Read"

In The AIG Story, the company's long term CEO Hank Greenberg (1967 to 2005) and GW professor and company governance professional Lawrence Cunningham chronicle the origins of the corporate and its relentless pioneering of open markets all over the global. They regale readers with riveting vignettes of ways AIG grew from a modest crew of assurance agencies in 1970 to the biggest assurance corporation in international background. they assist us comprehend AIG's exact entrepreneurial tradition and the way its amazing staff around the world helped pave the line to globalization.

• Corrects a variety of universal misconceptions approximately AIG that arose as a result of its function on the heart of the monetary obstacle of 2008.
• a special account of AIG via one of many iconic company leaders of the 20th century who built shut relationships with a few of the most vital global leaders of the interval and helped to open markets everywhere
• bargains new severe viewpoint on battles with N. Y. legal professional normal Eliot Spitzer and the 2008 U.S. executive seizure of AIG amid the monetary crisis
• stocks massive details now not formerly made public

The AIG tale captures a magnificent 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 tale incorporates vital classes and implications for the united states, specially its position in foreign affairs, its method of company, its criminal method and its dealing with of monetary crises.

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Greenberg had met Roussel before, when the banker visited New York to peddle bonds for a Louisiana bank he was running. Few others in town bothered to meet Roussel, but Greenberg valued making new business contacts and was happy to get acquainted. Though Greenberg bought no bonds, he established a relationship. So Greenberg paid Roussel a visit, flying to New Orleans to catch up. At dinner, Roussel began to discuss his interest in New Hampshire, apparently ready to reveal his strategic plans.

That approach of tailoring policy terms to underwriting risk would eventually attract followers in the insurance industry, but the immediate response was howls of heresy. Apropos for a “heretic,” American Home bid on a contract to insure the property of the Catholic Archdiocese of Boston, a long-time client of Continental Insurance Company, an important member of the AIU. The chief underwriter at American Home helped make the bid using a tailored contract, with its own rate calculations, rather than the standard forms and prices other insurers had agreed to use.

This was based on detailed examination of the locales of the church’s various properties and related hazards. ” Under the prevailing standard, the insurer covered every dollar of losses and charged premiums accordingly. But a c01 18 December 2012; 14:17:40 14 THE AIG STORY deductible meant that the Archdiocese would absorb the first $100,000 of losses and the policy would cover amounts greater than that. Premiums would be lower, as would commissions. Executives at Continental Insurance, which held about 27 percent of the AIU pool, went ballistic.

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