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100-531: The Ball brothers (Lucius, William, Edmund, Frank, and George) were five American industrialists and philanthropists who established a manufacturing business in New York and Indiana in the 1880s that was renamed the Ball Corporation in 1969. The Ball brothers' firm became a global manufacturer of plastic and metal food and beverage containers as well as a manufacturer of equipment and supplier of services to

200-573: A Bermuda -based insurer, for $ 3.4 billion. Brian Duperreault was appointed CEO of AIG on May 15, 2017. Duperreault, who previously worked at AIG from 1973 until 1994, was hired as CEO from Hamilton Insurance Group following Hancock's announcement in March 2017 that he would step down as AIG CEO under pressure after a period of disappointing financial results. Due to previous calls in 2015 and 2016 to shrink or break up AIG, Duperreault announced his intention to grow AIG and maintain its multiline structure as

300-622: A bronze casting of his original 1908 sculpture, Appeal to the Great Spirit . The replica was erected in Muncie in 1929 and donated to the city. In September 1937 a bronze sculpture named Beneficence was installed on the Ball State University campus in Muncie to honor the Ball brothers' contribution to the community. The five columns of Indiana limestone that surround the sculpture represent

400-417: A joint venture with Hamilton Insurance Group and Two Sigma Investments to serve the insurance needs of small- to medium-sized enterprises. Industry veteran Brian Duperreault became the chairman of the new entity, and Richard Friesenhahn, the executive vice president of U.S. casualty lines at AIG, became CEO. In August 2016, AIG sold off United Guaranty, its mortgage-guarantee unit, to Arch Capital Group ,

500-446: A 2022 IPO, the company announced, in July 2021, 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 subsequent years. After the spin-off, Corebridge Financial became an independent entity, raising $ 1.68 billion in

600-404: A Senator responded to the planned payments by saying "[I]t's hard to understand how derivative traders at AIG warranted any bonuses, much less $ 165 million in extra pay. How do they justify this outrage to the taxpayers who are keeping the company afloat?" Both Democratic and Republican politicians reacted with similar outrage to the planned bonuses, as did political commentators and journalists in

700-530: A Young Men's Christian Association ( YMCA ) boys' camp. He was also a member of the Universalist church and a Scottish Rite Mason. Edmund married Bertha Crosley on October 7, 1903, in Indianapolis . They had four children, two sons and two daughters. In 1904 Edmund hired Marshall S. Mahurin , a Fort Wayne, Indiana , architect to design his Gothic-Revival style home in Muncie. The family's home, named Nebosham,

800-458: A breakup of AIG, describing the company as "too big to succeed". AIG announced plans for an initial public offering of 19.9 percent of United Guaranty Corp., a Greensboro, North Carolina -based provider of mortgage insurance for lenders in January 2016. Later that year, Icahn won a seat on the board of directors and continued to pressure the company to split up its major divisions. AIG also began

900-420: A clerk in its London office in 1970. AIG then took on tens of billions of dollars of risk associated with mortgages. It insured tens of billions of dollars of derivatives against default, but did not purchase reinsurance to hedge that risk. Secondly, it used collateral on deposit to buy mortgage-backed securities. When losses hit the mortgage market in 2007–2008, AIG had to pay out insurance claims and also replace

1000-533: A former schoolteacher, were born in Canada . They met in Greensburg, Ohio , and married on September 1, 1846. Lucius and Maria had a total of eight children, six sons and two daughters: Lucina Amelia, Lucius Lorenzo, William Charles, Edmund Burke, Frank Clayton, Mary Frances, George Alexander, and Clinton Harvey (died in infancy). The children were raised in eastern Ohio and in upstate New York . The boys' sister, Lucina,

1100-611: A letter to the Board of Directors of AIG seeking to oust CEO Martin Sullivan and make certain other management and Board of Directors changes. On June 15, 2008, after disclosure of financial losses and subsequent to a falling stock price, Sullivan resigned and was replaced by Robert B. Willumstad , Chairman of the AIG Board of Directors since 2006. Willumstad was forced by the US government to step down and

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1200-575: A medical practice in Buffalo, New York . He moved to Muncie, Indiana , in 1894. In addition to becoming a shareholder and serving on the board of the Ball brothers' manufacturing company, Lucius practiced medicine in the Muncie community. He was a member of the Scottish Rite and the Universalist church. Lucius also retained memberships in national and state medical societies and served as medical adviser to

1300-534: A minority stake to The Carlyle Group . In November 2019, a Carlyle-managed fund and T&D Holdings acquired a majority interest in Fortitude Re, leaving AIG with a 3.5% stake "subject to required regulatory approvals and other customary closing conditions." Duperreault and Zaffino set out a turnaround strategy for the General Insurance business in 2017 and began execution. In 2019, Duperreault stated that

1400-778: A number of its own assets to raise money to pay back the government. On December 14, 2012, the Treasury Department sold the last of its AIG stock in its sixth stock sale for a total of approximately $ 7.6 billion. In total, the Treasury Department realized a gain of more than $ 22 billion from the sale of AIG common stock and $ 0.9 billion from the sale of AIG preferred stock. The same month, Robert Benmosche announced that he would be stepping down from his position as president and CEO due to his advancing lung cancer. AIG began an advertising campaign on January 1, 2013, called "Thank You America," in which several company employees, including AIG President and CEO Robert Benmosche, talked directly to

1500-457: A number of philanthropic contributions to support the needs of the community and foster the city's growth, which included working with nonprofit agencies to provide aid to local and regional residents. The Ball Brothers Foundation, established in 1926, further expanded the impact of their philanthropic efforts. Eleven years later, in 1937, the George and Frances Ball Foundation was established to further

1600-439: A part of AIG's asset management business, and that they also expected to pay an additional $ 200 million to AIG in carried interest and other payments linked to future performance of the business. AIG then sold its American Life Insurance Co. (ALICO) to MetLife Inc. for $ 15.5 billion in cash and MetLife stock in March 2010. Bloomberg L.P. reported on March 29, 2010, that after almost three months of delays, AIG had completed

1700-818: A private liberal arts-based and residential college based in the Finger Lakes region of upstate New York. After they became financially successful, the Ball brothers expressed their gratitude by donating additional land and providing funds to the college. In 1921 Ball Hall (Ball Memorial Hall) was named in honor of George Harvey Ball and the Ball brothers' contributions to the college. The Ball brothers made other donations to support hospitals, schools, and nonprofit organizations. In Indiana these included funding for James Whitcomb Riley Hospital for Children in Indianapolis; Hanover College , in Hanover, Indiana ; Indiana University ; and

1800-554: A provider of leased aircraft to the airline industry. In 1992, AIG received the first foreign insurance license granted in over 40 years by the Chinese government. Within the U.S., AIG acquired SunAmerica Inc. a retirement savings company managed by Eli Broad , in 1999. The early 2000s saw a marked period of growth as AIG acquired American General Corporation, a leading domestic life insurance and annuities provider, and AIG entered new markets including India. In February 2000, AIG created

1900-648: A provider of life and retirement solutions and non-life insurance, outlining a strategy to focus on technology, " underwriting discipline," and diversification. 2017 through early 2019 saw AIG hire a number of new upper level executives. In 2017, Duperreault named Peter Zaffino as AIG COO , later also naming him CEO of AIG's General Insurance business. Zaffino succeeded Duperreault as president of AIG in January 2020, with Duperreault remaining AIG's CEO. The company announced plans in 2017 to reorganize its Commercial and Consumer segments into General Insurance and Life & Retirement, respectively. In September 2017,

2000-453: A result, AIG's credit rating was downgraded and it was required to post additional collateral with its trading counter-parties, leading to a liquidity crisis that began on September 16, 2008, and essentially bankrupted all of AIG. The New York United States Federal Reserve Bank (led by Timothy Geithner who would later become Treasury secretary) stepped in, announcing creation of a secured credit facility, initially of up to $ 85 billion to prevent

2100-520: A share buyback of as much as $ 1 billion. Nine years after the initial bailout, in 2017, the U.S. Financial Stability Oversight Council removed AIG from its list of too-big-to-fail institutions. The United States Department of the Treasury announced an offering of 188.5 million shares of AIG for a total of $ 5.8 billion on May 7, 2012. The sale reduced Treasury's stake in AIG to 61 percent, from 70 percent before

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2200-577: A strategic advisory venture team with the Blackstone Group and Kissinger Associates "to provide financial advisory services to corporations seeking high level independent strategic advice". AIG was an investor in Blackstone from 1998 to March 2012, when it sold all of its shares in the company. Blackstone acted as an adviser for AIG during the 2007–2008 financial crisis . In March 2003 American General merged with Old Line Life Insurance Company. In

2300-410: A successful multiple line carrier. Greenberg focused on selling insurance through independent brokers rather than agents to eliminate agent salaries. Using brokers, AIU could price insurance according to its potential return even if it suffered decreased sales of certain products for great lengths of time with very little extra expense. In 1967, American International Group, Inc. (AIG) was incorporated as

2400-534: A unifying umbrella organization for most of C.V. Starr's general and life insurance businesses. In 1968, Starr named Greenberg his successor. The company went public in 1969. The 1970s presented many challenges for AIG as operations in the Middle East and Southeast Asia were curtailed or ceased altogether due to the changing political landscape. However, AIG continued to expand its markets by introducing specialized energy, transportation, and shipping products to serve

2500-512: A volatile credit and equity market. In January 2020, AIG announced it was ending its decade-long sponsorship of the All Blacks in 2021. On March 1, 2021, Peter Zaffino succeeded Brian Duperreault as AIG's CEO, with Duperreault becoming executive chairman of the board. Then, in January 2022, Zaffino also became chairman of the AIG board. As part of AIG's 2020 plan to form an independent company of its life and retirement insurance business with

2600-610: A wealthy manufacturer, the assets of the Muncie National Institute, a former normal school that was then training hotel employees, were purchased and donated to the State of Indiana to become a branch of the Indiana State Normal School at Terre Haute known today as Indiana State University . In 1918 the school opened as the Indiana State Normal School, Eastern Division. In recognition of the Ball family's generosity,

2700-523: Is an American multinational finance and insurance corporation with operations in more than 80 countries and jurisdictions. As of 2023, AIG employed 25,200 people. The company operates through three core businesses: general insurance, life & retirement, and a standalone technology-enabled subsidiary. General Insurance includes Commercial, Personal Insurance, U.S. and International field operations. Life & Retirement includes Group Retirement, Individual Retirement, Life, and Institutional Markets. AIG

2800-676: Is the title sponsor of the AIG Women's Open golf tournament. In 2023, for the sixth consecutive year, DiversityInc named AIG among the Top 50 Companies for Diversity list. AIG's corporate headquarters are in New York City and the company also has offices around the world. AIG serves 87% of the Fortune Global 500 and 83% of the Forbes 2000 . AIG was ranked 60th on the 2018 Fortune 500 list. According to

2900-547: The AIG bonus payments controversy . AIG began selling some assets to pay off its government loans in September 2008 despite a global decline in the valuation of insurance businesses, and the weakening financial condition of potential bidders. In December 2009, AIG formed international life insurance subsidiaries, American International Assurance Company, Limited (AIA) and American Life Insurance Company (ALICO), which were transferred to

3000-465: The Bracken Library at Ball State University in Muncie, Indiana. Frank and Edmund Ball founded the Ball brothers' manufacturing business in 1880 in Buffalo, New York . Three other brothers (William, Lucius, and George) soon joined the family business. In 1887–88 the brothers moved their manufacturing operations to Muncie, Indiana , where the firm would be closer to an abundant natural gas supply. As

3100-593: The FRBNY to date had received a combined positive return of approximately $ 15.1 billion. On October 12, 2012, AIG announced a five and a half year agreement to sponsor six New Zealand-based rugby teams, including the world champion All Blacks . The AIG logo and the Adidas logo, the league's primary sponsor, were displayed on the league's team jerseys. The U.S. Department of the Treasury in December 2012 published an itemized list of

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3200-564: The Federal Reserve Bank of New York , to reduce its debt by $ 25 billion. AIG sold its Hartford Steam Boiler unit on March 31, 2009, to Munich Re for $ 742 million. On April 16, 2009, AIG announced plans to sell its 21st Century Insurance subsidiary to Farmers Insurance Group for $ 1.9 billion. In June 2009 AIG sold its majority ownership of reinsurer Transatlantic Re. The Wall Street Journal reported on September 7, 2009, that Pacific Century Group had agreed to pay $ 500 million for

3300-556: The Financial Stability Oversight Council determined that AIG was no longer considered a nonbank systemically important financial institution ( SIFI ). Duperreault commented in response that the development reflected "the progress made since 2008 to de-risk the company." AIG made a number of acquisitions in 2018. That July, AIG acquired Validus Holdings Ltd., a provider of reinsurance based in Bermuda . The company

3400-849: The Lincoln Boyhood National Memorial at Lincoln City, Indiana . They also contributed to Hillsdale College in Hillsdale, Michigan . Grants from the Ball Brothers Foundation are awarded to organizations that demonstrate "better practices" or strive toward "best practice designation" in conducting their business and have continued interests in improving the quality of life for citizens of Indiana. The foundation looks to fund innovation, programs that are just starting, and companies going through expansion. In 1929 Edmund Ball's wife and children commissioned Cyrus Edwin Dallin to create

3500-752: The Minnetrista Cultural Foundation , restoring it in 1990. Aside from his business interests, George was a collector of children's literature, a hobby he shared with his daughter. In 1964 Elisabeth Ball donated a part of their collection to the Pierpont Morgan Library in New York. Following her death in 1982, other books that she and her father had collected were donated to the Lilly Library at Indiana University in Bloomington, Indiana , and

3600-822: The Taj Mahal . The term tycoon derives from the Japanese word taikun ( 大君 ) , which means "great lord", used as a title for the shōgun . The word entered the English language in 1857 with the return of Commodore Perry to the United States. US President Abraham Lincoln was humorously referred to as the Tycoon by his aides John Nicolay and John Hay . The term spread to the business community, where it has been used ever since. Modern business magnates are entrepreneurs that amass on their own or wield substantial family fortunes in

3700-580: The U.S. Securities and Exchange Commission and the Justice Department partly resolving a number of regulatory matters, and the company needed to continue to cooperate with investigators continuing to probe the sale of a non-traditional insurance product. In 2005, AIG became embroiled in a series of fraud investigations conducted by the Securities and Exchange Commission , U.S. Justice Department , and New York State Attorney General 's Office. Greenberg

3800-599: The Western Reserve Life Insurance Company . Lucius married Sarah Rogers in 1893; they relocated from Buffalo to Muncie the following year. The couple had one daughter. Lucius remained a resident of Muncie for thirty years. In the mid-1990s, following the restoration of Oakhurst, George's home, Lucius's residence was renovated to serve as an orientation center for the Oakhurst mansion and its gardens. William Charles Ball (August 13, 1852 – April 30, 1921)

3900-453: The YMCA , Ball stores department store, and Minnetrista . The Ball Brothers Foundation, established in 1926, continues the family's philanthropic interests. The Ball brothers, whose glass company became known for its home canning jars, went into business together in 1880, and made the decision to move their glass manufacturing operations from Buffalo, New York to Muncie, Indiana , in 1886, due to

4000-463: The mass sales of unhedged insurance. AIG repaid $ 205 billion (~$ 269 billion in 2023) to the United States government in 2012. AIG was founded December 19, 1919 when American Cornelius Vander Starr (1892–1968) established a general insurance agency, American Asiatic Underwriters (AAU), in Shanghai, China. Business grew rapidly, and two years later, Starr formed a life insurance operation. By

4100-662: The $ 500 million sale of a portion of its asset management business, branded PineBridge Investments , to the Asia-based Pacific Century Group. Fortress Investment Group purchased 80% of the interest in financing company American General Finance in August 2010. In September 2010 AIG sold AIG Starr and AIG Edison, two of its Japan-based companies, to Prudential Financial for $ 4.2 billion in cash and $ 600 million in assumption of third party AIG debt by Prudential. On November 1, 2010, AIG raised $ 36.71 billion from both

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4200-543: The 2016 Forbes Global 2000 list, AIG is the 87th largest public company in the world. On December 31, 2017, AIG had $ 65.2 billion (~$ 79.7 billion in 2023) in shareholder equity. During the 2007–2008 financial crisis , the Federal Reserve bailed the company out for $ 180 billion and assumed controlling ownership stake, with the Financial Crisis Inquiry Commission correlating AIG's failure with

4300-473: The Ball brothers "found a friend and confidant" in their uncle. After the boys' father died in 1878, Uncle George provided financial support and some measure of stability. Later in life, after the Ball brothers had become wealthy businessmen, they became benefactors to their uncle's college. The family descends from an early colonial immigrant, Edward Ball, and several other founders of Newark , New Jersey. Lucius Lorenzo Ball (March 29, 1850 – July 22, 1932),

4400-471: The Ball brothers, was born in Trumball County, Ohio, and grew up in upstate New York. He attended public schools and Canandaigua Academy. George's interest in his brothers' glass manufacturing company was quickly identified after its inception; he joined the family business in 1883, at the age of twenty-one. George rose through the ranks in the family business. He worked as a bookkeeper and went on to become

4500-546: The Champions League, in the space of four seasons. In 2019, AIG signed a five-year contract to be the title sponsor of Women's British Open, its first deal in golf. In 2020, the contract was extended to 2025 and the championship was rebranded as the AIG Women's Open , with the largest major women's golf prize fund in 2021, totaling $ US5.8 million. The AIG Women's Open set a new benchmark in 2022 of $ 7.3 million for women's major championship golf prize payouts, increasing

4600-555: The Financial Crisis Inquiry Commission issued one of many critical governmental reports, deciding that AIG failed and was rescued by the government primarily because its enormous sales of credit default swaps were made without putting up the initial collateral, setting aside capital reserves, or hedging its exposure, which one analyst considered a profound failure in corporate governance, particularly its risk management practices. Other analysts believed AIG's failure

4700-559: The Maiden Lane case "without prejudice" on May 28, 2013. On May 7, 2013, Los Angeles U.S. District Judge, Mariana Pfaelzer, ruled in a case between AIG and Bank of America concerning possible misrepresentations by Merrill Lynch and Countrywide as to the quality of the mortgage portfolio, that $ 7.3 billion of the disputed claims had not been assigned. The two parties settled in July 2014, with Bank of America paying out $ 650 million to AIG, who in turn dismissed their litigation. In July 2023,

4800-465: The Middle English spelling of a word meaning a pre-arranged "gathering place", trist or tryst . Frank Ball's estate home, which was also called Minnetrista was the first to be built on the site in 1894; it burned in 1967. Frank's property became the site for a new a cultural center for the Muncie community. The center, which was named Minnetrista , opened in 1988. It preserves artifacts that document

4900-505: The Talbot Treaty reinsurance business, to RenaissanceRe for $ 2.985 billion, in cash and RenaissanceRe common shares. In March 2024, British regulators cleared the sale of the UK arm of AIG Life Ltd to British insurer Aviva for £460 million. In Australia and China, AIG is identified as a large financial institution and provider of financial services including credit security mechanisms. In

5000-633: The United Kingdom. In 1952, Starr began to focus on the American market by acquiring Globe & Rutgers Fire Insurance Company and its subsidiary, American Home Fire Assurance Company. By the end of the decade, C.V. Starr's general and life insurance organization included an extensive network of agents and offices in over 75 countries. In 1960, C.V. Starr hired Hank Greenberg to develop an international accident and health business. Two years later, Greenberg reorganized one of C.V. Starr's U.S. holdings into

5100-410: The United States, AIG is the largest underwriter of commercial and industrial insurance. AIG offers property casualty insurance, life insurance, retirement products, mortgage insurance and other financial services. In the third quarter of 2012, the global property-and-casualty insurance business, Chartis, was renamed AIG Property Casualty. SunAmerica, life-insurance and retirement-services division,

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5200-436: The abundance of natural gas in the area. The brothers opened their factory in Muncie in 1888. The Ball company continued to prosper from their mass production of canning jars, known sometimes as "Ball jars". The company has subsequently expanded and diversified. By 1937, the value of the company was estimated at nearly $ 7 million. The Ball brothers' parents, Lucius Styles Ball, a farmer and merchant, and Maria Polly Bingham Ball,

5300-461: The aerospace industry. In addition to the brothers' manufacturing business, they were also noted for their philanthropy and community service. Earnings from their business ventures provided the financial resources to support a number of other projects in the community of Muncie, Indiana , and elsewhere. Most notably, the brothers became benefactors of several Muncie institutions including Ball State University , Ball Memorial Hospital , Keuka College ,

5400-524: The brothers' company continued to prosper and expand, it became especially well known for its glass canning jars, but diversified into other industries. Beginning in the 1950s, the Ball Corporation entered the aerospace sector, and later became a global manufacturer of plastic and metal food and beverage containers. Due to the financial success of the Ball Corporation , the Ball brothers amassed considerable personal wealth and became influential men in Muncie's political and civic affairs. The Ball brothers made

5500-525: The camera and offered their thanks for the government assistance. Peter Hancock succeeded Benmosche as president and CEO of AIG in September 2014. While Benmosche stayed on in an advisory role, he died in February the following year. In June 2015, Taiwan 's Nan Shan Life Insurance acquired a stake in AIG's subsidiary in Taiwan for a fee of $ 158 million. Later that year, activist investor Carl Icahn called for

5600-541: The company's collapse, enabling AIG to deliver additional collateral to its credit default swap trading partners. The credit facility was secured by the stock in AIG-owned subsidiaries in the form of warrants for a 79.9% equity stake in the company and the right to suspend dividends to previously issued common and preferred stock. The AIG board accepted the terms of the Federal Reserve rescue package that same day, making it

5700-531: The company, and as treasurer and secretary of the Ball brothers' corporation. Edmund was also a humanitarian and heavily involved in Muncie's civic activities. He was chair of Muncie's park board and the city's planning commission. He served on several other boards that included traction companies and banks, Muncie's hospital, and Hillsdale College. Edmund and his wife, Bertha, donated funds to renovate property on Tippecanoe Lake in Kosciusko County, Indiana , for

5800-591: The corporation's secretary, treasurer, vice president, president, and board chairman. In the 1930s George became a partner in a railroad empire that also included steamship lines, grain elevators, bus and truck lines, coal mines, and a fruit orchard in Georgia. In addition, he served on the boards of organizations that included Borg Warner , Nickel Plate Railroad , several banking institutions, Indiana University , Ball State Teachers College (which became Ball State University ), and Ball Memorial Hospital , among others. George

5900-516: The decline in business from Asia due to the impending World War II. In 1939, Starr moved his headquarters from Shanghai, China, to New York City. After World War II, American International Underwriters (AIU) entered Japan and Germany, to provide insurance for American military personnel. Throughout the late 1940s and early 1950s, AIU continued to expand in Europe, with offices opening in France, Italy, and

6000-478: The early 2000s, AIG made significant investments in Russia as the country recovered from the 1998 Russian financial crisis . In July 2003, Maurice Greenberg met with Putin to discuss AIG's investments and improving U.S.-Russia economic ties, in anticipation of Putin's meeting with U.S. President George W. Bush later that year." In November 2004, AIG reached a $ 126 million (~$ 195 million in 2023) settlement with

6100-703: The eldest of the brothers was born in Greensburg, Ohio. He grew up in Ohio and moved with the family to upstate New York, where he attended public schools and Canandaigua Academy at Canandaigua, New York . Lucius, whose ambition was to become a doctor, received his medical degree from the University of Buffalo in 1889, at the age of forty, and served as the house physician in Adrian Hospital in Pennsylvania before establishing

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6200-656: The family's philanthropic efforts within Muncie and other locales of interest to the family. Over the years the Ball brothers made financial contributions to establish or strengthen an abundance of institutions: the local branches of the YMCA and the YWCA , the Masonic Temple auditorium, the Art Museum at Ball State, Ball Memorial Hospital , Ball State University , and Minnetrista , Muncie's cultural center, and assisted other groups. One of Ball Brothers Foundation's first projects

6300-463: The family's shingle-style residence, was built in 1895, becoming the second of the Ball brothers' homes to be erected on the family property in Muncie. Indianapolis architect Louis Gibson designed the estate home on Minnetrista Boulevard. At the time of its construction the three-story residence stood on approximately 2 acres (0.81 hectares) of land. George died in 1955 at the age of ninety-two. The Ball Brothers Foundation deeded his home and its grounds to

6400-437: The five Ball brothers. Industrialist The term magnate derives from the Latin word magnates (plural of magnas ), meaning "great man" or "great nobleman". The term mogul is an English corruption of mughal , Persian or Arabic for "Mongol". It alludes to emperors of the Mughal Empire in Early Modern India , who possessed great power and storied riches capable of producing wonders of opulence, such as

6500-510: The former's right to sue Bank of America and other issuers of bad mortgage debt. The specific issue was whether the Federal Reserve Bank of New York transferred $ 18 billion in litigation claims on troubled mortgage debt through Maiden Lane Transactions, entities created by the Fed in 2008. This transaction, AIG argued, prevented them from recouping losses from insured banks. Owing to events which allowed AIG to proceed in another related case, AIG Inc. v. Bank of America Corporation LLC , AIG withdrew

6600-440: The government had done nothing, the shareholders would have been left with 100 percent of nothing." Greenberg and the U.S. Government appealed to the Court of Appeals for the Federal Circuit, which ruled that Greenberg had no legal right to challenge the bailout because that right belonged to AIG, which in this case, chose not to sue. AIG filed suit against the Federal Reserve Bank of New York in January 2013 in order to maintain

6700-402: The history of Muncie and east central Indiana , and continues as a gathering place an important part of the Muncie, Indiana, community. Situated on 44 acres (18 hectares), visitors may still visit its gardens and natural areas, which contain an assorted community of native Indiana plant and animal species, for free. Eastern Indiana Normal University, a small, private teacher training school that

6800-441: The largest U.S. IPO of 2022. In February 2023, AIG and Stone Point Capital entered into an agreement to establish an independent managing general agency and relocate AIG's current private client group to the independent new company, Private Client Select Insurance Services (PCS). That May, AIG agreed to sell subsidiary Crop Risk Services to American Financial Group for $ 240 million, as well as Validus Re, including AlphaCat and

6900-450: The largest government bailout of a private company in U.S. history. In March 2009, AIG compounded public cynicism concerning the " too big to fail " firm's bailout by announcing that it would pay its executives over $ 165 million in executive bonuses. Total bonuses for the financial unit could reach $ 450 million, and bonuses for the entire company could reach $ 1.2 billion. Newly inaugurated President Barack Obama, who had voted for TARP as

7000-441: The late 1920s, AAU had branches throughout China and Southeast Asia, including the Philippines , Indonesia , and Malaysia . In 1926, Starr opened his first office in the United States, American International Underwriters Corporation (AIU). He also focused on opportunities in Latin America and, in the late 1930s, AIU entered Havana , Cuba. The steady growth of the Latin American agencies proved significant as it would offset

7100-456: The lawsuit. After hearing thirty-seven days of testimony from Ben Bernanke, Timothy Geithner, Hank Paulson and others, Judge Thomas C. Wheeler ruled that the Federal Reserve payment to AIG had been an illegal exaction, as the Federal Reserve Act did not authorize the New York Fed to nationalize a corporation by owning its stock. Judge Wheeler did not award compensation to the plaintiffs, ruling that they did not suffer economic damage because "if

7200-510: The loans, stock purchases, special purpose vehicles (SPVs) and other investments engaged in with AIG, the amount AIG paid back and the positive return on the loans and investments to the government. 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

7300-436: The losses in its collateral accounts. AIG purchased the remaining 39% that it did not own of online auto insurance specialist 21st Century Insurance in 2007 for $ 749 million. With the failure of the parent company and the continuing recession in late 2008, AIG rebranded its insurance unit to 21st Century Insurance. On June 11, 2008, three stockholders, collectively owning 4% of the outstanding stock of AIG, delivered

7400-526: The needs of niche industries. During the 1980s, AIG continued expanding its market distribution and worldwide network by offering a wide range of specialized products, including pollution liability and political risk. In 1984, AIG listed its shares on the New York Stock Exchange (NYSE). Throughout the 1990s, AIG developed new sources of income through diverse investments, including the acquisition of International Lease Finance Corporation (ILFC),

7500-630: The new executive team had restructured the business, implemented new risk and underwriting guidelines, and "overhauled its reinsurance buying strategy." In 2019, Duperreault and Zaffino announced "AIG 200", a multi-year program to improve operations by shedding legacy processes and excess manual interventions, modernizing and digitizing workflows, and unifying operations. Also during that month, AIG reported its second consecutive quarter of underwriting profits, and AIG's Life and Retirement business, led by CEO Kevin Hogan, delivered "solid growth" and returns despite

7600-537: The north bank of the White River , outside Muncie, where he built a home designed by Indianapolis architect Louis Gibson. Frank's nineteen-room mansion, named Minnetrista, was the first Ball family home to be built on the site along Minnetrista Boulevard. The home, completed in 1895, was destroyed by fire in 1967. Minnetrista , Muncie's cultural arts center, was built on the site of his former home. George Alexander Ball (November 5, 1862 – October 22, 1955), youngest of

7700-671: The process of building or running their own businesses. Some are widely known in connection with these entrepreneurial activities, others through highly-visible secondary pursuits such as philanthropy , political fundraising and campaign financing, and sports team ownership or sponsorship. The terms mogul , tycoon , and baron were often applied to late-19th- and early-20th-century North American business magnates in extractive industries such as mining , logging and petroleum , transportation fields such as shipping and railroads , manufacturing such as automaking and steelmaking , in banking , as well as newspaper publishing. Their dominance

7800-600: The public affairs of the Muncie community. He was president of the Muncie and Portland Traction Company, the Muncie and Western Railroad Company, and the Muncie YMCA. He also served as director the Federal Reserve Bank of Chicago , among his other activities in business and civic organizations. Frank was a Scottish Rite Mason and a member of the Universalist church. Frank married Elizabeth Wolfe Brady in 1893. They had five children, three daughters and two sons. In 1893–94 Frank bought approximately 30 acres (12 hectares) of land along

7900-451: The sale of ALICO and its IPO of AIA. Proceeds went to repay some of the aid it received from the government during the 2007–2008 financial crisis . AIG sold its Taiwanese life insurance company Nan Shan Life to a consortium of buyers for $ 2.16 billion in January 2011. Due to the Q3 2011 net loss widening, on November 3, 2011, AIG shares plunged 49 percent year to date. The insurer's board approved

8000-450: The school was named Ball Teachers College in 1922. The school became Ball State Teachers College in 1929 and was renamed Ball State University in 1965. Ball State is one of only a few public colleges in the United States that includes a family name. Although the Ball brothers moved to Indiana early in their careers, they did not forget New York or the early support they received from their uncle, George Harvey Ball, founder of Keuka College ,

8100-434: The school. Tuition was cheap compared to modern standards with a ten-week session costing students $ 10. Soon after that first year enrollment dropped to 110 and only 40 new students signed up The Eastern Indiana Normal University would close soon after on September 24, 1901. After the college and subsequent efforts to established an institution of higher learning at Muncie had failed, with the financial help of George A. Ball,

8200-841: The situation is even more serious. The company is much larger and complex than Lehman Brothers and its assets hitting the market all at once would likely cause worldwide chaos and send values plummeting. Experts question whether there are even enough qualified buyers out there to digest the company and its subsidiaries." AIG had sold credit protection through its London unit in the form of credit default swaps (CDSs) on collateralized debt obligations (CDOs) but by 2008, they had declined in value. AIG's Financial Products division , headed by Joseph Cassano in London, had entered into credit default swaps to insure $ 441 billion worth of securities originally rated AAA. Of those securities, $ 57.8 billion were structured debt securities backed by subprime loans. As

8300-486: The tournament's purse 125% since 2018. In 2023, AIG announced it will continue as the title sponsor of the event through 2030, along with another increase in the total purse to $ 9 million. Hank Greenberg, with lead lawyer David Boies, independently sued the U.S. Government for money damages in the United States Court of Federal Claims in 2011. The AIG board had announced on January 9 that the company would not join

8400-679: The transaction. Four months later, on September 6, 2012, AIG sold $ 2 billion of its investment in AIA to repay government loans. The board also approved a $ 5 billion stock repurchase of government-owned shares in AIA. The next week, on September 14, 2012, the Department of Treasury completed its fifth sale of AIG common stock, with proceeds of approximately $ 20.7 billion, reducing the Treasury's ownership stake in AIG to approximately 15.9 percent from 53 percent. Government commitments were fully recovered, and Treasury and

8500-431: The years ended December 31, 2003, 2002, 2001 and 2000, the quarters ended March 31, June 30 and September 30, 2004, and 2003 and the quarter ended December 31, 2003. On November 9, 2005, the company was said to have delayed its third-quarter earnings report because it had to restate earlier financial results, to correct accounting errors. Martin J. Sullivan became CEO of the company in 2005. He began his career at AIG as

8600-403: Was a cofounder of the Ball family business with his brother Edmund. Born in Greensburg, Ohio, Frank grew up in Ohio and upstate New York. He attended public schools and Canandaigua Academy. He became company president in 1888 and served in that capacity for fifty five years. Frank was "a born leader" as well as "a strong, dynamic, and shrewd businessman." Like his brothers, Frank took an interest in

8700-462: Was a forerunner to Ball State University , opened in 1899 to help boost the development of the city of M uncie Indiana located in Delaware County, Indiana . The school opened to much fanfare after the dedication of the administration building on August 28, 1899. The school would go onto have a great first year with an enrollment of 250 students who were enrolled in one of eight programs offered by

8800-476: Was also a Lloyd's of London syndicate, involved in insurance-linked securities, a specialist in US small commercial excess and surplus underwriting, and a provider of crop insurance . The deal "brought in fresh underwriting talent," particularly in property risk and catastrophe risk. Also in 2018 AIG acquired Ellipse, a UK life insurance business, from Munich Re . In 2018, AIG established Fortitude Re to hold most of its run-off portfolios and late in 2018 sold

8900-532: Was also active in politics, serving as a Republican national committeeman from Indiana. He was a Freemason , a Rotary Club member, and joined the Presbyterian church. George married to Frances Woodworth in Buffalo in 1893. The couple had one daughter, Elisabeth, born on December 26, 1897. Elisabeth, who never married, lived in her parents' home until her death on April 29, 1982, at the age of eighty-four. Oakhurst,

9000-511: Was an educator who assisted in the founding of Drexel Institute in Philadelphia , Pennsylvania, and served as its financial secretary. Their other sister, Mary Frances, married Joseph W. Mauck, who became a longtime president of Hillsdale College in Hillsdale, Michigan . Their uncle, George Harvey Ball , who shared the Ball family dedication to higher education, founded Keuka College in upstate New York in 1890. When their father became ill,

9100-472: Was born in Trumbull County, Ohio , grew up in upstate New York, and attended public school and Canandaigua Academy with his siblings. When two of his brothers, Frank and Edmund, moved to Indiana in the mid-1880s, William remained in Buffalo, New York , to close out business affairs. He moved to Muncie in 1897. William was a Ball company salesman and served as the corporation's secretary. Like his brothers, he

9200-507: Was built on Ball family property just east of Oakhurst, George's home. William died at the age of sixty-nine. Edmund Burke Ball (October 27, 1855 – March 8, 1925) was cofounder of the Ball manufacturing business with his brother, Frank. Born in Greensburg, Ohio, he moved with his family to upstate New York, where he attended public schools and Canandaigua Academy. In the mid-1880s Edmund relocated from Buffalo, New York, to Muncie, Indiana, where he served as vice president and general manager of

9300-604: Was completed in 1907 and served as their residence for fifty years. Following Edmund's death, $ 3.3 million in assets from his estate were used to establish the Ball Brothers Foundation. In 1975 the Ball Foundation donated Nebosham to the Ball State University Foundation for use as a continuing education facility. It was named the E. B. and Bertha C. Ball Center for University and Community Programs in 1986. Frank Clayton Ball (November 24, 1857 – March 19, 1943)

9400-503: Was involved in Muncie's political and civic activities. William served on several boards, including the Muncie and Portland Traction Company, Merchants National Bank, and Hillsdale College. He was also a member of the Scottish Rite and the Universalist church. William and his wife, Emma Wood, had one son. Their home in Muncie was a red brick Georgian design that they named Maplewood. Designed by John Scudder Adkins and completed in 1898, it

9500-1554: Was known as the Second Industrial Revolution , the Gilded Age , or the Robber Baron Era . Examples of business magnates in the western world include historical figures such as pottery entrepreneur Josiah Wedgwood , oilmen John D. Rockefeller and Fred C. Koch , automobile pioneer Henry Ford , aviation pioneer Howard Hughes , shipping and railroad veterans Aristotle Onassis , Cornelius Vanderbilt , Leland Stanford , Jay Gould and James J. Hill , steel innovator Andrew Carnegie , newspaper publisher William Randolph Hearst , poultry entrepreneur Arthur Perdue , retail merchant Sam Walton , and bankers J. P. Morgan and Mayer Amschel Rothschild . Contemporary industrial tycoons include e-commerce entrepreneur Jeff Bezos , investor Warren Buffett , computer programmers Bill Gates and Paul Allen , technology innovator Steve Jobs , vacuum cleaner retailer Sir James Dyson , media proprietors Sumner Redstone , Ted Turner and Rupert Murdoch , industrial entrepreneur Elon Musk , steel investor Lakshmi Mittal , telecommunications investor Carlos Slim , Virgin Group founder Sir Richard Branson , Formula 1 executive Bernie Ecclestone , and internet entrepreneurs Larry Page and Sergey Brin . American International Group American International Group, Inc. ( AIG )

9600-445: Was ousted amid an accounting scandal in February 2005. The New York Attorney General's investigation led to a $ 1.6 billion fine for AIG and criminal charges for some of its executives. On May 1, 2005, investigations conducted by outside counsel at the request of AIG's Audit Committee and the consultation with AIG's independent auditors, PricewaterhouseCoopers LLP resulted in AIG's decision to restate its financial statements for

9700-417: Was possible because of the sweeping deregulation of over-the-counter (OTC) derivatives, including credit default swaps, which effectively eliminated federal and state regulation of these products, including capital and margin requirements that would have lessened the likelihood of AIG's failure. Illustrating the danger of an AIG bankruptcy, a September 17, 2008, CNN Money article stated, "But in AIG's case,

9800-495: Was renamed AIG Life and Retirement; other existing brands continue to be used in certain geographies and market segments. AIG was the shirt sponsor of the English football club Manchester United F.C. between 2006 and 2010. AIG was the first American shirt sponsor of the club and AIG shirts were worn for one of the most concentrated periods of success in the club's history, coinciding with Sir Alex Ferguson 's third great United team, which won three Premier League titles, as well as

9900-550: Was replaced by Ed Liddy on September 17, 2008. AIG's board of directors named Bob Benmosche CEO on August 3, 2009, to replace Liddy, who earlier in the year announced his retirement. In late 2008, the federal government bailed out AIG for $ 180 billion, and technically assumed control, because many believed its failure would endanger the financial integrity of other major firms that were its trading partners-- Goldman Sachs , Morgan Stanley , Bank of America and Merrill Lynch , as well as dozens of European banks. In January 2011,

10000-525: Was to establish Ball Memorial Hospital in Muncie. The hospital opened in 1929 and later affiliated with IU Health . In 1893 Frank C. Ball bought approximately 30 acres (12 hectares) of land along the north bank of the White River, outside Muncie, where the Ball family built their homes. His two sisters named the site Minnetrista , a combination of the Native American word for water, mine or minne , and

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